The 26 year old German international will be a free agent in the summer of 2023 and he could be available in the coming months.
However, the Gunners recently missed out on the Champions League and it remains to be seen whether they can put together a financial package to convince the Bayern Munich winger.
Gnabry struggled to showcase his quality at Arsenal during his previous spell with the Londoners and the German will be desperate to prove his worth in the Premier League if the move materialises.
It is no secret that Arsenal need to add flair and pace in the wide areas and the Bayern Munich winger could prove to be a quality long term acquisition for them.
The Bayern Munich winger will add goals and creativity in the final third and he has the versatility to play on either flank. Gnabry has 16 goals across all competitions this season.
The player is likely to be available for a knockdown price this summer because of his contract situation.
He will be a free agent in the summer of 2023 and Bayern Munich will be looking to cash in on him this summer in order to avoid losing him on a free transfer next year.
However, a player of his quality might demand Champions League football and it remains to be seen whether the Gunners can convince him to return to London this summer.