The Bosnia international is one of the players the north London club could look to sell to generate funds for the signing of primary target Houssem Aouar from Lyon this transfer window.
Kolasinac has attracted interest from Bundesliga club Bayer Leverkusen and a return to Germany could be on the cards for the full-back.
The BayArena side have been claimed in some quarters to have reached an agreement with Arsenal to sign the 27-year-old for an initial €11m fee.
However, according to German outlet Sportbuzzer, the two clubs are still a long way away from shaking hands on a deal for Kolasinac.
Bayer Leverkusen are working to sign the Bosnian from the Gunners in the final days of the transfer window but a deal is still far from done and no medical has been scheduled.
Kolasinac has also been linked with a return former club Schalke in the ongoing transfer window.
However, while the defender was open to a move to the Ruhr giants, the Bundesliga club have not made a move for him.
