The Gunners missed out on Champions League qualification by two points on the final day of the season as arch-rivals Tottenham pipped them to fourth spot.
While Mikel Arteta's young side showed promise throughout the season, they did not have a reliable goal-scoring striker and accordingly ended the league with eight less goals than Spurs.
However, the north London club understands Napoli will only consider offers considerably above the £65million that they played for the 23-year-old two years ago.
The Gunners may have a better chance with Gabriel Jesus, though.
Jesus has scored 95 goals in 236 games for City, and appeared 28 times last season as they won the Premier League by a point.
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