The 51-year-old's former player Lucas Torreira is linked with a move to the San Siro, a year after joining Arsenal.
The midfielder has enjoyed an impressive debut season in the Gunners' midfield, making 50 appearances across all competitions as he helped Unai Emery's side reach the Europa League final.
His form and commitment over the season made him a fan favourite...
Sky Sport Italia, as quoted by Sky Sports, is reporting that Arsenal are planning to keep the Uruguay worldwide beyond the summer transfer window despite AC Milan's interest in the defensive midfielder.
Pablo Bentancurt, Torreira's agent, denied any knowledge of interest from the Serie A giants and insisted that he only heard about it from the media speculation over his client's future.
"I learned about this possibility through the Press".
Asked would it be special for Torreira if Giampaolo calls him about a move, he said: "Yes, clearly." .
Torreira was one of Arsenal's standout performers following his £25m switch last summer. England is a totally different world, a very large country.
"I had trouble with the language, communicating with my team-mates and with the people". It is very hard when you can't have dialogue.
Nicholas told Sky Sports: "If you can get the right offer and move Ozil out, Mkhitaryan can go, I want to keep obviously [Pierre-Emerick] Aubameyang and [Alexandre] Lacazette and give youngsters an opportunity here".
"But come on, start moving on".