The Gunners are still eager to move on from their Swiss international midfielder, who was nearly sold to Roma in the summer.
According to the Daily Express, Arsenal are considering signing American star McKennie and allowing Xhaka to go in the other direction.
McKennie has been in poor form with Juventus this season, as the team has struggled under the guidance of returning coach Massimiliano Allegri.
A deal that swaps Xhaka and McKennie may suit all parties, allowing both players to get fresh starts in different environments.
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