Perez endured a hugely underwhelming campaign following his £17.1m move to the Emirates last summer, only starting two Premier League games.
The 28-year-old scored a hat-trick in Arsenal’s 4-1 victory over Basle in December but still found himself on the periphery of Arsene Wenger’s squad.
Despite his struggles, a number of clubs have registered an interest in securing a summer move, with Deportivo La Coruna believed to have tabled a £9m bid last week.
The Evening Standard say Premier League new-boys Newcastle United are the latest club to join the chase for his signature as Rafa Benitez targets attacking reinforcements ahead of the 2017-18 campaign.
It is claimed Newcastle hope to land a loan deal for the forward, who is desperate for a summer move, as they have so far baulked at his £13.4m valuation.
Despite the intense speculation, Wenger said on Sunday that Perez remained a part of his plans for next season.
However, the player’s agent, Rodrigo Fernandez Lovelle, insists he still expects his client to be on the move before the window closes.
Arsene Wenger signed Perez for over £17million last summer (Picture: Getty)
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‘If he [Wenger] said Lucas was leaving he would have to cut the price for him to exit,’ he told the Standard. ‘It is logical [to say he is staying] – he is a good businessman.’