Denmark youth international Nygaard, 18, joined Arsenal last summer.
He told Tipsbladet: "We’ve been talking, me and Arsenal, for the past six months about me going out on loan. Both them and I feel that I’m ready to play some senior football and get the development that comes with it. I hope that will happen.
"Now my focus is on the European Championship, and that might also provide some opportunities on the back of the European Championship."
Nygaard added: "It could be anywhere, but I would also like to return to Denmark. Something in the first division would be really cool, so we’re looking at that too.
"I feel ready to come back and play senior football. There are a lot of players on offer in England. In this window alone, 10 of my team are out of contract, so there are a lot of people looking for something new."