The Gunners have already spent over £120million on new players during the summer so far, with their only significant sale being the departure of Joe Willock to Newcastle for over £20m.
Arsenal are keen to trim their squad further before the August 31 deadline and Willian is one of those who can leave.
Ainsley Maitland-Niles, Eddie Nketiah, Hector Bellerin, Lucas Torreira, Reiss Nelson and Sead Kolasinac could follow Willian out the door.
The Brazilian, who joined Arsenal from Chelsea on a free transfer last summer, has slipped down the pecking order at Emirates Stadium.
Both Arsenal and Willian are now prepared to part ways, despite the winger having two years left to run on his current contract.
Corinthians are in talks over a deal for the 33-year-old that would see him move back to Brazil on another free transfer.
Arsenal would be willing to let Willian go for nothing as it means they can clear his wages, worth in excess of £100,000-a-week, off their books.
Talks with Corinthians are at an advanced stage and there is optimism a deal will be done before the transfer window shuts.
Midfielder Torreira is another player who could leave Arsenal over the coming days, with Fiorentina keen to sign him on loan with a view to a possible permanent move next summer.
Nketiah has been tracked by Crystal Palace, while it is thought clubs will make late moves for Maitland-Niles and Nelson.
Kolasinac is another player Arsenal would be happy to offload, but his £100,000-a-week wages could prove a stumbling block.
Fellow full-back Bellerin could also depart, but Arsenal would prefer a permanent sale as opposed to a loan move.
Departures could allow Arsenal to bring in further signings, with right-back one area the club would like to strengthen if possible. Atletico Madrid’s Kieran Trippier is a mooted target if funds allow.