The young attacker represented the Gunners during pre-season, but has struggled to make his mark in the first-team this season, despite a series of injuries to various high-profile Arsenal stars including Theo Walcott and Danny Welbeck.
He played for one minute in the Premier League—as a late substitute against Swansea City in October—and also made a brief cameo against Bayern Munich in the Champions League earlier this month.
However, to get regular playing time over the coming months, the forward will likely require a temporary spell away from North London.
Championship pair Reading and Birmingham City, as well as League One side Sheffield United, are all understood to be keen on the 19-year-old—according to the Mirror—but the trio have only until Wednesday to secure a loan move for the player if they want to benefit from his services before January.
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The window for emergency loan deals closes on November 25, and as such, any deal to take Iwobi away from the Emirates Stadium must be thrashed out before then.
While progress may be slow for Iwobi at Arsenal, the forward recently made his debut for the Nigeria national side, and could emerge as a key component of Sunday Oliseh’s youthful Super Eagles selection.