The left-back made the decision to depart boyhood club Celtic in August 2019 for a new challenge South of the border.
Since his £25m move from the Glasgow giants, Tierney has made 89 starts - 64 of them coming in the Premier League - and 23 substitute outings in all competitions.
Five goals and 13 assists have been contributed during those matches, but the 25-year-old now only finds himself as backup to Oleksandr Zinchenko.
While nine starts have bee made in cup competitions during 2022-23, Tierney has been provided with just 462 minutes of football in the top flight, a period which has included 12 appearances as a replacement.
According to The Mirror, the Scotland international is growing increasingly frustrated with his situation at the Emirates Stadium.
The report suggests that Tierney is now open to departing the North Londoners, regardless of whether they win the Premier League or secure Champions League qualification.
Arsenal remain in a strong position to retain his services due to a contract which runs until 2026, although Mikel Arteta is in a position where he has a natural alternative for Tierney.
Nuno Tavares is impressing during his loan spell at Marseille and could realistically take on the role of backup to Zinchenko if Arsenal wish to cash in on Tierney.
Newcastle United are allegedly monitoring the situation ahead of potentially making an approach for a player who may welcome the opportunity to move closer to his roots.
Dan Burn is the current incumbent at left-back and has impressed in the role, but the likes of Matt Targett and Paul Dummett have been absent for periods of the season through injury.
Although a transfer fee is not suggested, Arsenal would likely look to recoup in the region of the £25m fee that they shelled out for Tierney almost four years ago.
Towards the end of January, it was also claimed that Juventus were taking an interest in Tierney as they consider ways to strengthen their squad.