The Swiss midfielder was a target for Roma last summer before he signed a new contract with Arsenal.
Xhaka is currently sidelined for three months with a knee injury.
According toCorriere dello Sport, Giallorossi boss Jose Mourinho is hoping to re-open negotiations for the 29-year-old.
The Gunners have been flying without Xhaka in the side and may consider a sale if a reasonable offer is presented.
Mikel Arteta's side have not lost in 10 straight matches across all competitions.
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