The England Under-19 international, who is also a target for Liverpool and Tottenham, is expected to leave St James' Park as he's yet to open talks over a new deal.
And now the Gunners are thought to be interested in signing Mapgies winger Rolando Aarons, who has also entered the final year of his contract.
That is according to Italian publication Tuttomercatoweb, who claim the north London club will face competition from AC Milan and Juventus for the 20-year-old's services.
GETTY
Arsenal, Liverpool and Tottenham want Freddie Woodman
GETTY
Rolando Aarons could join Arsenal, AC Milan or Juventus in the summer
But Aarons has already played down the chance of a move away in the summer, claiming he hopes to one day break into the Newcastle first-team.
The England Under-20 said earlier this month: "Yeah, that’s what I want to do - play for Newcastle. I think everybody knows that. I am just happy to be here."
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