Arsenal would be willing to offer AC Milan up to €40million to take back Ismael Bennacer, according to Calciomercatoweb.
Bennacer was on the books of the Premier League club from 2015 to 2017.
But his only appearance for the Gunners was in the League Cup in 2015.
Since then, the Algeria international has impressed in Italy after being sold in 2017.
He impressed over two seasons with Empoli – one in Serie B and one in Serie A – before earning a move to AC Milan in 2019.
Bennacer played 31 times in Serie A last season as Milan won the title.
Arsenal would be willing to offer €40m (£33.9m) to make the 24-year-old their own again, but are yet to submit a bid.
Bennacer is under contract at San Siro until 2024.