The 21-year-old was encouraged to leave Arsenal on loan by Gunners boss Mikel Arteta last summer but decided to stay and fight for his place at the club.
However, Nelson’s decision to stay put has backfired, with the youngster finding playing time hard to come by at the Emirates Stadium this season.
The England Under-21 international has made just nine senior appearances across all competitions for Arsenal so far in the current campaign, with just two of them coming in the league.
Now, Nelson could be in line to have another chance to head out on loan and earn first team experience, with Olympiacos eyeing a loan move for him in the summer.
The Greek giants have been interested in the Gunners star since last summer and are keen on acquiring his services on a temporary basis in the summer transfer window.
With Olympiacos potentially coming forward with an offer this summer, it remains to be seen if Nelson will take the chance to play regularly elsewhere for a season.
Bundesliga club Hertha Berlin had expressed interest in the player earlier in the season and it is unclear whether they will also be in the mix for him.