The 21-year-old made his Gunners debut in 2013 but has only appeared for his parent club four times in total.
The rest of Akpom’s 67 senior appearances have come on loan at Brentford, Coventry City, Nottingham Forest, Hull City and Brighton & Hove Albion.
It is believed that the forward wants to seal a permanent move to a new club and, according to The Mirror, Leeds are eyeing him as a replacement for Burnley-bound Chris Wood.
However, the Scottish champions are also believed to be interested in Akpom, who is wanted to provide competition up front for Moussa Dembele and Leigh Griffiths.
Alexis Sanchez, Alexandre Lacazette, Danny Welbeck and Olivier Giroud are currently ahead of Akpom in the Arsenal attacking pecking order.