Arsenal invested €30m in the teenage defender last year and after his loan spell at Saint-Etienne last season much was expected from him after he finally arrived in north London.
But the French centre-back has failed to impress Mikel Arteta and is still waiting to make his debut for the Gunners.
A last-ditch attempt to join Saint-Etienne on loan in the last transfer window fell through and since then he has not got a look-in from the Arsenal manager.
Arsenal could sanction a loan exit in January and Saint-Etienne are again interested, but according to French outlet But Football Club, Nice recently made an approach for Saliba.
Nice want to bring in a short-term replacement for Dante who has been ruled out for the rest of the season due to an injury.
However, despite Nice registering an interest, it has been claimed that Saliba is keener on a move back to his former club Saint-Etienne.
It has also not yet been ruled out that Arsenal boss Arteta decides he needs to count on Saliba for the second half of the season.