The Frenchman has bagged only one goal and two assists for the Magpies this season as he was out with a hamstring injury.
He has garnered attention from clubs like Chelsea and Tottenham Hotspur this summer.
Newcastle United value the winger at £40million but the London clubs were put off by the valuation.
Former Arsenal midfielder Emmanuel Petit believes the 25-year-old would be an ideal signing for Mikel Arteta.
“If they are to strengthen I think they need wingers because Saka, Martinelli and Jesus have been great but they have no-one to replace them if they get injured,” Petit said via Genting Casino.
“Smith-Rowe is injured, Nketiah just signed a new contract but can he be the next striker if Jesus gets injured? My answer is no.
“All the big teams have big wingers. There’s a few in England that would be my dream for Arsenal. Allan Saint-Maximin would be a great signing. Can you imagine the damage with all the players around him?”
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