The Greece international has enjoyed an impressive season on-loan with VfB, which are keen to extend the arrangement into a second year.
However, Kicker says rival interest from Italy is arriving for Mavropanos, with Lazio particularly keen.
Arsenal would be prepared to sell the young stopper this summer, though their asking price is out of range for VfB.
VfB coach Pellegrino Matarazzo admits he would like to keep Mavropanos: "It would be good for us, but also for him."
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