According to the Daily Mail's Sami Mokbel, the Gunners are prepared to field offers for the Spaniard amid "concrete interest" from Juventus, while in the past boyhood club Barcelona have also expressed a desire to bring him back to the Camp Nou.
Bellerin is said to be open to the idea of moving on at the end of the season, provided it be the right opportunity or him.
Bleacher Report's Dean Jones also understands Juve to be the front-runners for his signature:
The 22-year-old is now in his fourth season of being the Gunners' first-choice right-back, and his marauding runs forward earned him plenty of admirers when he broke onto the scene.
His form has dropped off somewhat over the last year, though, which is perhaps why Arsenal are willing to sell him should a substantial offer come in.
Football.London's Charles Watts believes that while he has not been at his best this season, he has also been unfairly singled out at times:
Bellerin has perhaps been a victim of his own success at the Emirates Stadium; having been so impressive when he first came through, living up to and raising those standards has been difficult.
He's still capable of producing strong showings against top sides, though, per Goal's Chris Wheatley:
Arsenal are in dire need of a squad rebuild in the summer. They're sixth in the Premier League on just 48 points, and they're eight behind Chelsea in fifth, so there's significant ground to be made up on their rivals.
According to Mokbel, the Gunners want a goalkeeper, holding midfielder and a centre-back to help them do so. Receiving £50 million for Bellerin would help in that regard, but in today's market it may not go that far, either.
What's more, Bellerin still has the potential to become one of the best right-backs in the world under the right coaching, while Calum Chambers is not a particularly convincing replacement, so there are perhaps better candidates to move on in order to raise funds.