Fernandes is expected to be sold by West Ham, irrespective of what division they're in next season, as they aim to use money from his sale to recruit players.
The Portuguese international was captured by the Hammers for £38 million from Southampton last summer, and he's since become one of the Premier League's most promising young talents.
A box-to-box midfielder, but also capable of providing quality in the final third, Fernandes has six goal involvements to his name in 34 top-flight appearances for the club.
Unsurprisingly, Champions League finalists Paris Saint-Germain have shown an interest in Fernandes, while Arsenal have displayed admiration towards the midfielder.
That is according to The Times, who revealed that Arteta is a huge fan of his versatility and see him being a key part of their midfield rebuild.
The same report also claims that Arsenal are "open to selling" Christian Norgaard. The Danish international arrived for £15m from Brentford last summer, but has made zero league starts for the Gunners.
Norgaard hasn't been trusted to start in place of Declan Rice or Martin Zubimendi across the campaign, with a sale looking increasingly likely before his contract expires in 2027.