The academy graduate has been a peripheral figure at the Gunners since the start of last season.
Manager Mikel Arteta has tried various combinations of forwards this season, but has rarely given Smith Rowe a look in.
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Per football.london, Smith Rowe is behind the likes of Fabio Vieira and Leandro Trossard, who are both backups.
He is only likely to get a game if there is a significant injury crisis between now and May.
The Gunners are still in the Premier League and the Champions League, but will play full strength teams as they chase trophies.