Serie A giants Juventus will reportedly offer Arsenal a choice of Gonzalo Higuain, Douglas Costa or Cristian Romero in exchange for Alexandre Lacazette.
Arsenal is hoping to reduce their wage bill this summer transfer window while creating funds for new signings.
Lacazette could be one of the stars to depart with Juventus keen on his services.
And according to The Athletic new Juventus boss Andrea Pirlo is ready to offer Mikel Arteta his choice of three men to help facilitate a deal.
Higuain, who turns 33 in December, is unlikely to interest the North London outfit, with the combination of his age and high wages making him an unattractive proposition.
It has also been claimed winger Costa looks unlikely to be heading to Arsenal.
Arteta rates the former Bayern Munich winger highly but believes he is well-stocked in attacking positions.
That makes centre-back Romero the most likely to head to the Emirates should a swap deal occur.
Arteta knows he is short in defence and desperately wants to strengthen his backline.
He knows he needs to raise funds in order to bring in top quality reinforcements and may view the 22-year-old as the ideal man to come in.
His restricted transfer budget will be severely boosted should he be able to flog some of his squad.
Mesut Ozil, Ainsley Maitland-Niles, Matteo Guendouzi, Sokratis, Henrikh Mkhitaryan, Sead Kolasinac and Lucas Torreira are all believed to be available.
The Gunners are ready to offer £350,000-a-week winger Ozil an £18m pay-off to terminate his contract.