The 17-year-old has impressed since breaking into Arsenal's first-team squad this season, and has mainly featured as a right-sided attacking midfielder in his 14 appearances.
While his Premier League minutes have been restricted to appearances off the bench, Nwaneri has started both matches in the Gunners' Carabao Cup run so far, scoring three goals.
His eye-catching displays have led to calls from fans for the youngster to be given more playing time in Mikel Arteta's side.
But with club captain Martin Odegaard playing the same position as Nwaneri, this has made it difficult for the Arsenal boss to accommodate both players in his starting line-up.
Nwaneri is poised to start in Odegaard's place in Arsenal's EFL Cup quarter-final tie against Crystal Palace tonight, and this prompted Arteta to be asked if the pair could one day play together.
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To this he replied: "Depending on who they are surrounded with and which position.
"Ethan can play as a right attacking midfielder, left attacking midfielder, as a right winger and there is another position he can develop into in a few years time."
When probed on the role Nwaneri could end up playing, Arteta revealed that he sees a future for the starlet as a striker.
Detailing the position, he said: "Nine. He's got the goal in front of him and he just looks at the goal.
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"He has a tremendous ability to put the ball in the back of the net."
Arteta's comments come after Arsenal have failed to score from open play in their last three Premier League games, causing them to drop points against Fulham and Everton with two draws.
The centre-forward position has been particularly problematic for the Gunners in recent months, with striker Gabriel Jesus yet to score in the Premier League this term.
Though not an out-and-out striker, Kai Havertz has filled this role, but has managed just one league goal in the last two months.
This has led to calls for the club to bring in some increased firepower up-front in the January transfer window.
Speaking to talkSPORT last week, Arsenal legend Emmanuel Petit urged the Gunners to sign on-loan Galatasaray striker Victor Osimhen and AC Milan winger Rafael Leao.
But Arteta's future plans for Nwaneri may well be factored into his transfer strategy, with the Spaniard appearing keen on having the teenager lead the line in the coming years.
This revelation will likely come as a surprise to many who have followed the England youth international's progress.
Since making his senior debut as a 15-year-old in 2022, Nwaneri has featured across midfield for the Gunners, both in central and attacking roles, and also as a wide midfielder.
His one cameo as a striker came when he went up front to help see out Arsenal's 1-0 away win at Tottenham in September.
But the promising young player has shown plenty of goalscoring ability this campaign, netting four goals in all competitions, including his first Premier League goal against Nottingham Forest last month.
Nwaneri will be hoping he can help to end his side's recent goalscoring woes against Palace tonight, as the Gunners continue their bid to land the first silverware of the season.