Nketiah has been with the Gunners since 2015 and has made a total of 164 appearances in all competitions across his senior career, scoring 38 goals.
However, the 24-year-old has never scored more than five goals in a single Premier League campaign and it has been heavily reported that Mikel Arteta is now ready to cash in on his signature.
In all competitions, Nketiah has made 13 starts and 20 substitute outings during 2023-24, as well as making his England debut against Australia in October.
Nevertheless, he has just one goal to his name - in a Champions League dead-rubber against PSV Eindhoven - since the beginning of November.
No starts have been handed to the striker since the turn of the year with Gabriel Jesus, Kai Havertz and Leandro Trossard all being used as alternatives.
Although Nketiah holds a contract at the Emirates Stadium until 2027, reports have suggested that Arteta is keen to sell the player in order to raise funds for an alternative.
According to Football Insider, Wolverhampton Wanderers, Crystal Palace and Brentford are all keeping their eye on the situation.
At all three clubs, there is potential for change in the summer, with Wolves boss Gary O'Neil eager to add strength-in-depth to his attacking options having been caught short in recent weeks.
Furthermore, Wolves are bidding to recoup a sizeable fee through the sale of Fabio Silva and have seemingly shortlisted Nketiah as a possible replacement.
Brentford are expected to have money to spend through the likely sale of Ivan Toney, although Club Brugge's Igor Thiago is already due to arrive in West London to bolster Thomas Frank's attacking ranks.
Meanwhile, Oliver Glasner has recently taken over as Crystal Palace manager and will want to stamp his authority on the Eagles squad in a bid to contest for a top-half place in the Premier League table.
Although a potential fee for Nketiah has not been suggested, Arsenal stand to make pure profit on any sale due to his status as an academy graduate, something that would significantly benefit their position with the Premier League's Profit and Sustainability regulations.