The Serbia international could be on his way back to the Dutch top flight as the Amsterdam giants have shown an interest in signing him
The Eredivisie champions are in the market for defensive reinforcements because of the departure of Jan Vertonghen, and they see 23-year-old Rajkovic as a valuable addition to their squad.
HSV are keen to cash in on the Serbia international after he was involved in a brawl on the training ground earlier this summer .
"It is correct that Ajax have contacted us. They want to sign Slobodan on loan. We are now waiting for an official offer," Arnesen was quoted as saying by Hamburger Morgenpost.
"Sloban just really wants to play again. He would love to make the move to Ajax. He is familiar with the game in Netherlands."
Rajkovic previously played in the Eredivisie with PSV, Twente and Vitesse.