Bellerin has most recently been linked with a move to Serie A champions Inter Milan.
Football Insider report Arsenal are looking to use the Spaniard in a part-exchange for Inter forward Lautaro Martinez.
He has also been strongly linked to Atletico Madrid this summer, with Kieran Trippier’s future still up in the air.
The 30-year-old is a primary target for Ole Gunner Solskjaer, but Manchester United are yet to match Atletico’s valuation.
It feels like if Bellerin’s future is to be resolved this summer, it’ll be in the latter stages of the window.