The Gunners are hoping to recoup the majority of the £11 million they paid for the forward, who has fallen down the pecking order at the Emirates Stadium
Arsene Wenger is ready to sanction the sale of Lukas Podolski amid interest from German and Turkish clubs, Goal understands.
Wenger will let the German World Cup winner leave if the Gunners can recoup the majority of the £11 million that they paid for him in 2012.
Podolski was a marginalised figure at Emirates Stadium last season and, with growing competition for the attacking roles, may be willing to push for a move in search of regular football.
The former Cologne skipper, who Goal understands is the only senior player who could be allowed to leave in the final weeks of the transfer window, is attracting interest from Galatasaray, Besiktas and several Bundesliga clubs.
The forward, who turned 29 in June, has two years remaining on his contract and was ignored in the flurry of extended deals handed to senior players at the end of last season.
Despite Arsenal being decimated by the lengthy absences of Mesut Ozil, Aaron Ramsey, Jack Wilshere and Theo Walcott at the end of last season, Podolski only featured regularly in the final weeks of the campaign.
Wenger does not believe that the Germany international has the physical power and technical ability to spearhead the attack and he is behind the likes of new signing Alexis Sanchez, Walcott, Wilshere, Santi Cazorla and Tomas Rosicky in the battle for the flank roles.
There was strong interest from Schalke in Podolski last summer and a return to the Bundesliga is a possibility.
Meanwhile, Joel Campbell has also been attracting interest but Wenger is reluctant to allow him to go out on loan again following successful spells at Real Betis and Olympiakos.
Ahead of Saturday's season opener against Crystal Palace, Wenger said: "I would like to keep him here, he has trained very well and matured a lot."