Arsene Wenger revealed on Sunday he plans to send the 19-year-old to another Premier League club on a temporary deal, as the Japan U19 international would lose his homegrown status if he moved abroad again, having spent part of last season on-loan at Feyenoord.
The Gunners boss said: "It will have to be in England because he will lose the homegrown (status) if he leaves the country."
"I will have a chat with him tomorrow and I have a little plan. (Alex) Oxlade-Chamberlain plays on the flanks now too, so if I can find an opportunity for him to play somewhere I will decide whether to do that tomorrow."
And reports suggest both Bolton Wanderers and Fulham are keen on securing a deal for the promising Japanese talent, and have opened talks with Arsenal.
Bolton boss Owen Coyle apparently sees Miyaichi as an option to help inspire the Trotters to survive Premier League relegation, having previously had success with burgeoning stars Jack Wilshere and Daniel Sturridge.
Wilshere's rapid development after his Bolton loan has strengthened the relationship between the two clubs, meaning a deal could be close.
Fulham are also said to be interested, and were linked with Miyaichi at the start of the January transfer window.
The Cottagers were reportedly lining up a move for the super-fast winger if a swoop for Marseille striker Andre-Pierre Gignac failed; and are now set to firm up their interest in the Arsenal man with a loan bid.
Miyaichi, nicknamed "Ryodinho" in the Dutch media after comparisons to Ronaldinho and branded the Japanese Lionel Messi, has found his playing time limited this season, and is behind Theo Walcott, Gervinho, Alex Oxlade-Chamberlain and even Andrei Arshavin in the pecking order.
He recently went on tour to Japan with the Arsenal Ladies team to help maximise their marketing potential and raise funds for the earthquake and tsumani relief effort, acting as an ambassador for the club.
Being a big star in Japan, the public interest in Miyaichi could make him the perfect loan signing on and off the pitch.