Both players featured for the U21 team at Arsenal this season.
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Jeorge Bird's Arsenal youth website is reporting striker Oyetende and left-back Ismail now of pro deals on the table.
The pair were regulars with the U18s this season and also featured in the U21s.
Meanwhile, defender Max Kuczynski, wingers Jakai Fisher and Reece Clairmont and midfielder Zac Shuaib are all being released from the U18s.