The former Tottenham Hotspur midfielder has been told that he can leave San Siro in January after just a year at the club.
Inter snapped up Eriksen for a fee of around £17m following a long-running pursuit, but the Denmark international has struggled to settle under Antonio Conte.
A return to the Premier League has been mooted, with Arsenal apparently open to a swap deal that would see Granit Xhaka head the opposite way.
However, The Express claims that the Gunners have taken a backseat in the pursuit of Eriksen, leaving Paris Saint-Germain and Borussia Dortmund to battle it out for the 28-year-old.
Eriksen, under contract with the Italian giants until 2024, has started just four games in all competitions this season.