The Gunners are set to part with the striker they signed only two summers ago from Manchester City.
Arteta, who was previously assistant manager at City, signed Jesus and Oleksandr Zinchenko from his old club.
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Zinchenko has already become a backup and may be off in the summer, while Jesus' future has now been plunged into doubt.
Per The Mirror, Arsenal know that to sign a top class forward, they need to raise funds.
With Eddie Nketiah happy to play backup and Kai Havertz capable of playing up top, Jesus would be surplus to requirements if a big money forward arrives.