The Brazilian striker's future has been one of the most persistent stories surrounding the Gunners this summer, with AC Milan, Juventus and Atletico Madrid all having been linked with a move.
Gabriel Jesus has just one year remaining on his contract and has repeatedly spoken about his long-term dream of returning to former club Palmeiras. More recently, though, reports from Brazil have suggested his immediate priority is to remain in Europe, preferably in England, before eventually heading back to South America at a later stage of his career.
According to Nicola, Milan are currently the strongest contenders for Gabriel Jesus and are attempting to reach an agreement with Arsenal for a fee below the club's £20m valuation, seeking to use the wide gap between reported figures to their advantage in negotiations.
Juventus and Atlético Madrid have also made enquiries about the striker, though neither club has progressed to a formal offer at this stage, leaving Milan as the most active party in discussions.
Despite putting a price on a potential departure, Arsenal are not understood to be actively looking to sell Gabriel Jesus, suggesting the club would be content to keep him as squad depth for another season if suitors fail to meet their valuation. That stance gives Arsenal leverage in any negotiation, since Milan and other interested parties know the north London club are under no real pressure to accept a cut-price offer simply to move the striker on before his contract situation becomes more urgent next summer.
With his contract situation growing more pressing and reported interest yet to translate into a concrete bid, Gabriel Jesus's situation looks set to remain one of the more closely watched subplots of Arsenal's summer business as the transfer window heads towards its final weeks. The Brazilian's versatility and experience mean he retains genuine value even at this stage of his Arsenal career, and any of the three clubs credited with interest would gain a proven Premier League and Champions League performer should negotiations eventually progress beyond their current standstill.