The Greek international centre back spent spent four years at Arsenal after a £2million move from PAS Giannina in 2018.
However, he made just eight senior appearances and spent three seasons on loan in Germany at Nuremberg and Stuttgart, before completing a permanent transfer last year.
exclusively revealed last month that the Gunners stand to benefit from Mavropanos’ potential exit after they inserted a sell-on clause into the deal.
“As I have already emphasised several times, my thoughts are only on Stuttgart,” the 25-year-old said in February.
“I feel very comfortable in the club and in the city, which is why I focus exclusively on football every day. I can’t say what will happen in the future. But, as we all know, things can change very quickly in professional football.”
Mavropanos made 28 appearances in the Bundesliga last season, scoring two goals and establishing himself as one of the most highly regarded defenders in German football.
Meanwhile, Sheffield United are in advanced talks to sign Arsenal defender Auston Trusty for a fee in the region of £5million.
David Raya is also the subject of interest from the Gunners with a bid in the region of £15million expected to be submitted in the coming days.