According to reports, the Gunners have already received enquiries about the 29-year-old and are open to listening to offers as they reshape their attacking options ahead of next season.
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Jesus has endured a frustrating campaign following a serious knee ligament injury suffered earlier this year.
Although he returned in December and scored six goals in 27 appearances, the Brazilian has struggled to regain a regular starting role under Mikel Arteta.
The former Manchester City star now finds himself behind the likes of Viktor Gyokeres and Kai Havertz in Arsenal’s attacking pecking order, having started only three Premier League games this season.