The Brazilian forward joined the Gunners on a free transfer from Chelsea last summer and vowed to turn the club into Champions League contenders, but things could hardly have gone worse.
The 32-year-old managed just one goal and five assists last term and reports have suggested he will be allowed to leave the club if the right buyer can be found.
According to The Sun, Willian's move to the MLS club has fallen through as was looking for in excess of £160,000-a-week to link up with David Beckham's side.
Inter Miami's current highest earner is Gonzalo Higuain, who takes home around £80,500-per-week, so the American club view his salary demands as unrealistic.
Arsenal have been busy in the market, however, with highly-rated left-back Nuno Tavares looking likely to be the first signing made this summer.
The Benfica left-back, 21, is on the verge of completing a switch to north London.
The Gunners are also expected to finalise a £55m switch for Brighton defender Ben White, who is currently on duty with England at Euro 2020.
Manuel Locatelli, who is flourishing for Italy at the tournament, has also been identified as Mikel Arteta's latest target.
He is expected to replace Granit Xhaka, who looks to be headed to Roma to link up with Jose Mourinho.