Ngumoha made his senior Liverpool debut last season and finished the campaign with two goals and an assist in 19 league appearances, but according to journalist Alan Nixon his opportunities have narrowed considerably since then.
The 18-year-old has featured in only three Premier League matches so far this season, with just one start, as Liverpool's attacking options have been strengthened elsewhere.
Nixon's report suggests Arsenal would look to sign Ngumoha should he fail to nail down a regular spot on Liverpool's left flank under Andoni Iraola. The England youth international has a contract at Anfield running until the summer of 2028, with reports in June suggesting the club were already working on an extension to tie him down for longer.
Ngumoha has already earned senior international recognition, making one appearance for England's first team, and has previously come through Chelsea's academy before switching to Liverpool as a youngster. Arsenal have made an ideal start to their own Premier League campaign, winning all four of their opening matches, while Liverpool have managed just one win and three draws in the same period.
Liverpool's next fixture comes in the League Cup on Tuesday, when they host Tottenham, offering another potential opportunity for Ngumoha to press his case for more regular involvement if selected. Should his path to first-team football at Anfield remain blocked, Arsenal's interest suggests Ngumoha will not lack for suitors when the time comes to reassess his situation.
Bayern Munich were also credited with interest in Ngumoha earlier this year, with reports suggesting Liverpool rejected any suggestion of a sale from the German club. The winger's stock has continued to rise despite his reduced game time, with his composure and directness on the ball marking him out as one of the most promising young talents to come through Liverpool's academy system in recent years.
Arsenal's own left-wing options currently include Christos Tzolis, though manager Mikel Arteta has shown a willingness in the past to add promising young attackers to his squad even when not in urgent need.