It was reported last month that the 27-year-old could be on his way out of Old Trafford with his career at his boyhood club hanging in the balance.
Ole Gunnar Solskjaer has spoken of a clear out this summer and Lingard, along with Andreas Pereira, could be allowed to leave when the transfer window reopens.
The Athletic (via The Sun) claims Arsenal are no strangers to dealing with United and will likely need a replacement Dani Ceballos, who is set to return to Real Madrid at the end of June when his loan expires at the Emirates.
The report goes on to suggest that Wolves, Watford and Sheffield United are also considered as plausible destinations for the England international based on their tactical set-up and market needs.
Potential suitors for Lingard’s signature will depend on what price United slap on him, but it appears the winger’s value has lowered since the arrival of Bruno Fernandes in January.
Arsenal, along with the other trio of Premier League clubs, could face competition from abroad, with Roma and Atletico Madrid have also been linked with Lingard despite scoring just two goals in 35 appearances for United this season.