The German international only made the move to the Emirates Stadium last summer for a fee thought to be around £35m, but has already been linked with a move away from the club this summer.
Both Juventus and Inter Milan have been credited with interest in some reports – with a move to Italy seeming the most likely route for Mustafi if he were to leave Arsenal.
However, according to Sky Sports, that transfer battle has been kicked up another notch as Inter Milan have made a new offer for the Gunners defender.
They have reportedly offered Arsenal a £4.6m loan fee for Mustafi – with the obligation of paying £23m for the defender in the future if he plays over 50% of their matches this season.
However, the report also states that Arsene Wenger still considers the German international as part of his plans for the coming season and won’t entertain offers of him leaving the club.