The Werder Bremen winger only left the Emirates last summer to return to Germany but Arsene Wenger only reluctantly allowed the 21-year-old to leave after the player opted to switch clubs to get more first-team football.
His performances for Werder Bremen and for Germany however, could mean that Wenger is keen to re-sign the player to become a regular starter for the Gunners. In 16 matches this season, Gnabry has scored seven goals and provided one assist.
The performances have also led to interest from Bayern Munich. Bild say they have it on good authority that Gnabry has a clause in his contract that would allow him to leave for just €8 million (just under £7 million), and that Bayern are aware that they can get the German international on the cheap.
Whether Gnabry would be interested in a return to England after only recently leaving, it remains to be seen.