According to the Mirror, the former Sparta Prague man attracted a lot of positive attention with his impressive displays in League One last term, which saw him named his club's Player of the Season. The Gills are prepared to let Holy leave for better things, with backup keeper Tom Hadler being primed to act as his replacement next season.
At the age of 26, Holy still has best years as a goalkeeper ahead of him. There is no chance that Arsenal would use him as their starting stopper next season, having Petr Čech, Bernd Leno and David Ospina already on their books. However, new boss Unai Emery may be looking to bring the former Czech Republic youth player in as an option for the future.
Alongside Arsenal, Everton have also been linked with Holy, given the uncertain future of their star keeper Jordan Pickford.
The former Sunderland man had a tremendous World Cup with England, and is believed to have attracted the attention of Chelsea. Crystal Palace and West Ham are also thought to have taken an interest in the towering goalkeeper.
The Gunners apparent interest in Holy could suggest that they're preparing to sell Čech this summer. The veteran goalie made a number of high profile errors for his side last season, but reports have suggested that he could return to his former club Chelsea if the Blues are unable to find a more high profile successor for the Real Madrid-bound Thibaut Courtois.
In other news, Chelsea are rumoured to be plotting a deadline day bid for Arsenal midfielder Aaron Ramsey, with the Blues reportedly ready to fork out £30m to sign the player. The Welshman is moving into his final year under contract with the Gunners, meaning that the club could be forced to sell so as not to lose the former Cardiff City man for nothing in the summer.