Eberechi Eze’s £68million release clause at Crystal Palace expires on August 15.
Standard Sport understands the release clause remains active until that date, when the Premier League season begins with Liverpool hosting Bournemouth.
Arsenal are aware of the situation and hold an ongoing interest in Eze, who is said to be happy at Palace but open to a move to the Emirates if the opportunity materialises.
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Sources close to the situation believe Arsenal may need to make space in the squad by selling before moving for the England international.
There has been interest from elsewhere in Leandro Trossard — who plays in similar positions to Eze — and suggestions that he could leave.
The Gunners held talks with Eze’s representatives earlier this summer and value the versatile forward at less than his £68m release clause, so would negotiate with Palace.
The Eagles are expected to retain that £68m figure as their valuation of the 27-year-old after the clause expires.
Eze was previously on Arsenal's books as a youngster until being released at the age of 13.
Arsenal have already had a busy summer with six new signings through the door for combined fees in excess of £200m.
Most recent additions Viktor Gyokeres and Cristhian Mosquera made their debuts on Thursday during a 1-0 defeat to Tottenham. Noni Madueke is set to join the squad for training next week following leave after the Club World Cup.
In further good news, Ethan Nwaneri has signed a new long-term contract with the club, ending speculation over his own future.
