The Gunners snapped Willian up from rivals Chelsea last summer, but he has struggled to make an impact at the Emirates Stadium.
Arsenal are prepared to move Willian on and they have received an approach from Corinthians, who are keen to take the Brazilian back to his homeland.
Talks are taking place over a move and there is claimed to be a small chance that the attacker waits to see if any other proposals for his services arrive.
The 33-year-old still has another two years to run on a lucrative contract at Arsenal.
He has not been involved for the Gunners so far this season, but made 37 appearances across all competitions over the course of last season.
Willian has clocked a total of 259 outings in the Premier League during his career, but could now be set to call time on his spell in the English top flight.
The attacker started his career at Corinthians and rose through the youth ranks at the club.
