Bellerin, 26, serves as vice-captain and is one of the longest-serving players in the Gunners squad, but he is keen on a new challenge as he approaches the final two years of his contract.
Paris Saint-Germain and AC Milan are keen on the Spaniard, who has made 33 appearances this season in a struggling Arsenal side.
Arteta is well aware a fresh injection of quality is needed and Emirates chiefs hope to raise up to £35million by selling Bellerin.
That’s according to The Sun, although recent weeks have done little to enhance the Barcelona academy graduate’s value.
He was taken off in the 0-0 draw with Villarreal which eliminated Arsenal from the Europa League and found himself on the bench for the victory over West Brom at the weekend.
Calum Chambers has emerged as a reliable option on the right of defence while Arsenal remain keen on Norwich City full-back Max Aarons, 21.
The Gunners are also closely monitoring Emerson Royal, 22, who plays for Real Betis and is jointly owned by Barcelona.
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The two La Liga clubs equally shared the £12million fee to sign the Brazilian right-back from Atletico Mineiro in July 2019.
But Barca could stump up another £6million to become the player’s sole owner and then look to offload him for a sizeable profit.
Arteta, meanwhile, has issued a plea to Arsenal owner Stan Kroenke to back him in the summer transfer window.
But he must also trim his squad given the Gunners are likely to miss out on European football.
Matteo Guendouzi, 22, has spent the season on loan at Hertha Berlin and is likely to follow Bellerin to an Emirates exit.
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