The North London club have also been linked with a move for promising youngster Youri Tielemans, which has been reported by the Express, and this could be to compensate for the loss of the three veterans.
Rosicky, 35, has played for Arsenal for nine years after signing from Borussia Dortmund in 2006
In his time in North London he has made 170 appearances and scored 19 goals.
Flamani, 31, is currently in his second spell at Arsenal after he joined on a free transfer from AC Milan in 2013
His first spell at the club was between 2004 and 2008
All in all he has made over 150 appearance for the Gunners and had scored 10 goals.
Arteta, 33, has been plagued with injury during his time at Arsenal
He has played there since 2011, joining from Everton
He has made 106 appearance for Arsenal and scored 14 goals.
However despite all their loyal service, all are set to be released by Arsenal in the summer and will be available on free transfers.
Tielemans has been a pivotal part of AnderlechtÂ’s success this season and is also a target of Chelsea.
He is valued at £14 million and is the third youngest player ever to play at the Champions League level at just 16 years and 148 days.
At just 18 he has made over 100 appearances for his boyhood club and recently sign a new five-year contract extension.
Source : DSG
Source: DSG