Brighton were said to be interested in signing the 22-year-old as part of the Ben White deal that saw the England defender move to the Emirates.
Nketiah has struggled to secure a regular first-team place at Arsenal since breaking into the team in 2017 and he is now in the final year of his contract at the Emirates.
However, the former Sampdoria midfielder's preference is a return to Serie A, with Fiorentina and Lazio interested.
Meanwhile, Fenerbahce are interested in Arsenal defender Sead Kolasinac but no formal offer has been made.
Palace are interested in signing the 22-year-old but there is a gap in their valuation of the striker and Arsenal's asking price of around £20m.
The discussions taking place would be for a free transfer which would see Willian make the move back to his native country.
The 33-year-old has struggled to make an impact at The Emirates after moving across London from Chelsea last year.
The former Chelsea winger swapped west London for the north part of the capital last summer after a seven-season stay at Stamford Bridge, but has struggled to have the desired effect for Mikel Arteta's side, scoring just one goal in 37 appearances.
He has yet to feature this season and the Gunners are willing to let him leave before next week's transfer deadline, with Brazilian giants Corinthians keen on landing the 33-year-old.
Arsenal are prepared to let the forward leave in order to get his wages off the club's books.
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