Mikel Arteta has something of a bloated squad at the Emirates, with a number of players contributing very little, who he would like to move on before the transfer window closes.
Sead Kolasinac and William Saliba have already departed on loan and two more defenders could follow them out of the Emirates exit door.
Sokratis appears close to a move, with former club Genoa and Turkish side Fenerbahce interested in a deal for the Greek centre-back.
The decision lies in the hands of the 32-year-old, who is waiting on an offer from Fenerbahce before deciding between the two clubs, reports Sky Sports.
Genoa appear to have the upper hand in the race for his signature, as they will be given the chance to match their rival’s bid.
The Serie A side have a Plan B, though, having already made an approach for Mustafi during this transfer window.
If they fail to bring Sokratis back to the club, they will turn to the German, who has made just three Premier League appearances this season.
Mustafi is out of contract at the end of the season, so Arsenal will be keen to receive any transfer fee that they can for the 28-year-old, while still possible.
Sokratis is in the same situation, with his deal expiring in June this year.