The German international arrived at the Emirates Stadium from Koln in 2012, but a combination of injuries and a loss of form have restricted his starting opportunities.
Consequently, the Gunners would consider bids for the 28-year-old, providing that they recoup the majority of the £11m that they paid for his services two years ago, according to Goal.com.
The report added that Podolski would strongly consider a return to the Bundesliga, although a handful of Serie A clubs are monitoring his situation.
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