Borussia Dortmund remain interested in the academy graduate, while Arsenal continue to weigh up the best long-term path for one of their brightest young talents.
Arsenal reportedly rejected a €35 million bid from Borussia Dortmund for Ethan Nwaneri last summer, but the Bundesliga club have not given up hope of eventually taking the highly rated youngster to Germany.
The latest reports suggest Dortmund remain keen admirers of the 19-year-old, whose future has become the subject of growing speculation after a mixed loan spell at Marseille during the 2025/26 campaign.
According to reports in Germany, Dortmund managing director Lars Ricken was prepared to pay more than €35 million for Nwaneri in the summer of 2025 before the move stalled and the England youth international instead committed his future to Arsenal by signing a new long-term contract, reportedly until 2030.
It is claimed Nwaneri wants to establish himself with the Premier League champions and that Leandro Trossard‘s departure could create an opening, although the arrival of Christos Tzolis has increased competition in attacking areas.
The reports suggest his immediate future should become clearer during August, which isn’t really a stretch given that’s the final month of the window.
Despite Arsenal’s previous refusal to sell, interest in Nwaneri has continued to grow across Europe.
The strongest recent reports indicate RB Leipzig have held advanced talks with Arsenal over a permanent transfer, while AC Milan have also made contact.
Suggested valuations range from around €35 million to €40 million, with Arsenal reportedly seeking a buy-back clause worth between €55 million and €60 million should they agree to sell.
That structure would allow Nwaneri to secure regular first-team football while giving Arsenal the option to bring him back if his development accelerates.
Alongside Leipzig and Milan, Dortmund remain attentive to the situation, while Chelsea, Juventus, Fulham and Everton have also been linked at various stages, although there is no indication any of those clubs have submitted an advanced proposal.
Arsenal’s position appears unchanged. The club are not treating Nwaneri as untouchable, but neither have they publicly committed to selling him.
Earlier reports attributed to Fabrizio Romano suggested no final decision had been communicated to either the player or his representatives, with Arsenal yet to decide whether his best next step is to remain at the club, leave on loan or depart permanently.
For now, a permanent transfer including a buy-back clause remains the most persistent rumour, but there is still no confirmed agreement with any interested club.
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