Xhaka has played a key role in Arsenal’s bid to claim the Premier League title this season, though they look set to lose out to Manchester City.
The midfielder has been linked with a potential exit from the Emirates Stadium in the summer, with a return to the Bundesliga mooted.
Treacy admits he has heard that Xhaka wants to leave Arsenal to join Leverkusen and thinks that West Ham’s Declan Rice would be the perfect replacement.
“I’m hearing rumours that he pretty much wants to go to Bayer Leverkusen as well”, Treacy said on Off The Ball.
“If we do get Rice in it would be excellent.
“But the guts of a very good Arsenal team is there.”
Xhaka completed 60 minutes of Arsenal’s 3-0 home defeat against Brighton on Sunday, a result which puts Manchester City on the brink of retaining the title.
Leverkusen meanwhile sit in seventh place in the Bundesliga and are battling to secure European football for next term.
