The 20-year-old was sent out on a season-long loan to Ibiza in the summer but will soon return to the Emirates after both clubs mutually decided to end the agreement early.
Azeez made 11 appearances for the La Liga 2 side in all competitions, starting seven second-tier matches, but he had only played twice in the league since the start of November.
Ibiza confirmed the end of Azeez's loan on Twitter, saying: "Miguel Azeez is no longer a UD Ibiza player. @Arsenal and UD Ibiza have reached an agreement to finish the loan that joined him to our club. From UD Ibiza we wish him all the best for his professional career. Thank you, @MiguelAzeez!"
The former England Under-20 international, who spent the first half of the 2021-22 season on loan at Portsmouth, has only made one senior appearance for Arsenal since coming through their youth ranks.
Azeez's debut for the Gunners came in a 4-2 Europa League win over Dundalk in December 2020, and the youngster made the bench four times in the Premier League last season, including April's wins over Chelsea and Manchester United.
Monaco 
Stade Brestois 29 
Bordeaux 
Nimes 
Bayern Munich 
FC Augsburg 
Paris Saint Germain 
Toulouse 
CSKA Moscow 
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Leicester 
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Valencia 
Betis 
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ST Etienne 
Montpellier 
Grenoble Foot 38 
Heart Of Midlothian 
Celtic 
Reims 
Lyon 
PSV 
Groningen