With 21 goals last season, Arsenal's top scorer in his first season with the side, despite his struggles under manager Mikel Arteta.
Arsenal rejected approaches for him during the summer and maintained that he was not for sale despite him losing his spot to fellow striker Kai Havertz this season.
Reports this month suggested, however, that the Gunners would consider selling if a significant offer did come in for the Swedish striker.
This includes the January window, meaning Arsenal would reinvest in a new striker. This could potentially be Atletico Madrid's Julian Alvarez, who the side were linked to over the summer.
Speaking to Betpack, Waddle revealed that he believes Gyokeres never looked full comfortable at Arsenal and if a large bid did come in, he could depart.
“I thought Viktor Gyokeres was a surprising buy. I know his goal record at Sporting was fantastic, but let's be honest, there are three main teams in Portugal and normally the top scorer comes out of one of those three.
“It suited him playing at Sporting, they dominated most matches, and his goal record was unbelievable, let's be honest. But when I watched him at Coventry, I thought he was alright, but I was never saying he was a top Premier League footballer.
“People say he puts a shift in, but I just think the Premier League doesn't fully suit him. Maybe in Portugal it was different with the way they play, and being in a team that dominated every game suited him.
“I'm not saying Arsenal don't dominate, but he just doesn't seem to click. Whether it's the English style of play or whatever it is about the Premier League, a lot of players who go abroad do really well, but when they come to this league they find it really hard.
“Whether it's a confidence thing, he knows English football because he was at Coventry, so it's not like he's new to it. I think if somebody put a decent offer in for him, Arsenal would definitely look at it. But Everton or Newcastle? I’m not sure convinced him in the Premier League in general.”
Kai Havertz has since picked up a hamstring injury whilst on duty with Germany and Gyokeres may worm his back way into the side after the international break.