The 36-year-old Cech left Chelsea in 2015 to join Arsenal after Thibaut Courtois arrived at the club and ousted him as first-choice.
Courtois has failed to sign a new deal with Chelsea and has just one year remaining on his current contract with the club. He is widely expected to link up with Real Madrid who are looking for a new first-choice shot-stopper.
This could mean that Cech could be set for an emotional return to Stamford Bridge.
It is uncertain whether Cech will remain Gunners first-choice next season after Arsenal signed Bernd Leno from Bayer Leverkusen this summTheer.
The Gunners also need to offload at least one of their keepers this summer. They already have Leno, David Ospina and Cech within the ranks. Each of the three experienced and quality keepers will not be happy to be third-choice.