The Spain full-back wants a new challenge after ten years in the Emirates and is keen to move to another country.
And Arsenal boss Arteta won’t stand in the way of Bellerin, 26, as he plans to revamp his underperforming squad.
Paris Saint-Germain and AC Milan are both monitoring the situation and could act at the right price.
Arsenal are hoping to raise up to £ 35million for a player who has two years left on his contract – but could be forced to lower his asking price.
Bellerin is the Gunners’ longest-serving current player after joining Barcelona’s La Masia youth academy in 2011.
He made nearly 250 appearances for the club during that time, but recently found himself playing at Calum Chambers.
Arsenal want a new right-back and are among a number of clubs eyeing Max Aarons, 21, of Norwich.
They also like 22-year-old Brazilian star Emerson Royal, who plays for Real Betis but is jointly owned by Barcelona.
Betis and Barca shared the £ 12million transfer fee when Emerson was sold by Atletico Mineiro two years ago.
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But Barcelona may acquire the 100% ownership for £ 6million this summer and could then sell for a healthy profit.
Arteta has been promised funds for the signings but must also reduce his squad with the likelihood of missing out on Europe.
French midfielder Matteo Guendouzi, 22, who was loaned to Hertha Berlin, is also ready for the exit door.