Madueke, 24, only joined Arsenal from London rivals Chelsea last summer for a reported £52 million, but has struggled at the Emirates.
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With eight goals and three assists in his 47 games, the England international has played just 23 Premier League minutes so far this season.
According to Caught Offside, European giants Juventus and Atletico Madrid are willing to offer Madueke a chance to star.
Mikel Arteta isn’t actively looking to get rid of Madueke, but continued lack of action could force his hand.
The report adds that any loan move could include options to buy should he be a success and whichever club he joins.