As reported by Corriere dello Sport (via The Mirror), the 26-year-old would be considered by the Turin side should their pursuit of Atletico Madrid's Diego Godin fall through, who remains their number one target this summer.
Despite helping the Gunners to the semi finals of the Europa League last season, it was a largely disappointing campaign for the north London side in Arsene Wenger's final season in charge, finishing 12 points off a Champions League place and 27 points off eventual Premier League winners Manchester City.
Mustafi himself struggled in parts throughout the season, and has failed to truly establish as Arsenal's first choice centre back in his 75 appearances for the club since his £35m move from Valencia in 2016.
Mustafi's inconsistent performances led to his omission from Germany's provisional 27-man squad for this summer's World Cup, despite helping the nation win the tournament in 2014.
Now following the recent signing of Borussia Dortmund centre back Sokratis and a new long-term deal for Calum Chambers, it appears that Unai Emery is preparing for life without the German as the Serie A champions consider making a move.
Although Mustafi looks to be heading for the Emirates exit door, a number of players have been linked with a move to Arsenal, with the transfers of Lucas Torreira and Matteo Guendouzi appearing close to completion, while links to Steven N'Zonzi fail to dissipate.