Arsene Wenger admitted earlier this month he needs to trim his squad at Arsenal with Gabriel set to join Valencia for £10m.
Lucas Perez is also on the verge of making a return to Deportivo after a nightmarish 12 months at the Emirates.
But another player who joined Arsenal last summer is reportedly on the radar of one of Europe’s elite clubs.
Italian journalist Gianluca Di Marzio claims Inter Milan have made contact with Mustafi over a possible transfer.
The Serie A club are keen to bolster their defensive options and have been linked with a move for Eliaquim Mangala from Manchester City in recent weeks.
But the report suggests they are ready to turn their attentions to Mustafi, 25.
The Germany international joined Arsenal last summer from Valencia in a deal worth £32million.
Apart from the games he missed through injury, Mustafa was a key member of Arsene Wenger’s defence last season and the Arsenal boss would be unlikely to let the defender leave.
He was left on the bench in Arsenal’s opening Premier League game against Leicester last Friday, but that was due to fitness concerns.
The Germany international is expected to return for this weekend’s trip to Stoke with Per Mertesacker and Francis Coquelin also available.
But Wenger has admitted Sanchez is likely to miss out again as he continues to battle back from an abdominal injury.