Emile Smith Rowe is likely to remain in both London and the Premier League if he leaves Arsenal this summer.
The 23-year-old - who was capped three times by England in 2021 and 2022, scoring one goal - started just four games for the Gunners in all competitions last season.
Smith Rowe is under contract at the Emirates Stadium until June 2026.
However, he is keen to leave ahead of the 2024-25 season as he wants regular first-team football.
Fulham and Crystal Palace are both interested in the Arsenal academy graduate.
Midfielder Emile Smith Rowe pictured training at Arsenal's London Colney base on Monday
Smith Rowe only started four Gunners games last season and is keen to move on this summer
Smith Rowe pictured celebrating after scoring a goal for England against San Marino in 2021
The Cottagers have suggested that they could offer as much as £40million, while Palace are unlikely to go that high.
Contrary to reports by Sky Sports, who claim that Arsenal have already rejected bids from Fulham and Palace this summer, it is understood that neither club has yet formally made an offer.
Smith Rowe - who was part of the England team that won the U17 World Cup in 2017 and the Young Lions side that won the U21 Euros six years later - has made a total of 115 first-team appearances for Arsenal since his debut in 2018.
He has scored 18 goals for the Gunners - including 10 in the Premier League during the 2021-22 season.
Smith Rowe has struggled with groin and knee injuries over the past two seasons, while his path back into Mikel Arteta's team has been blocked by the fine form of captain Martin Odegaard.