The Scottish winger, 25, enjoyed a superb season for the Cherries, scoring seven goals and contributing 14 assists.
And that attracted interest from the Gunners, with Fraser emerging as one of Unai Emery’s top transfer targets because he fits within their tight budget.
Bournemouth ‘are willing to let their Scottish winger Ryan Fraser leave for nothing next year’
Fraser, who is valued at £25m by Bournemouth, has been strongly linked to Arsenal
However, with Fraser entering the final year of his contract, Bournemouth have a dilemma over whether to cash in now or have him for another season but then see him depart for nothing.
According to the Daily Express, they are considering letting him run down his deal because he is so important to Eddie Howe’s side.
Arsenal’s primary target for the summer remains Crystal Palace winger Wilfried Zaha, but with the south London club rejecting an initial bid of £40m to hold out for nearer £80m, the Gunners’ budget may be blown.
Fraser is pictured on the exercise bike during the Cherries’ pre-season training
Fraser, who joined Bournemouth as a League One club from Aberdeen back in 2013, admitted last month he had no idea where he will be playing next season.
‘The lads have been asking,’ he said. I don’t know myself so there’s no point thinking about it, wherever I’ll be, I’ll be.
‘I don’t know what is happening. I’m not just saying that. Wherever I’ll be, if it’s Bournemouth or if it’s at somebody else, then all you can do is try your best and enjoy football.
‘If you think about anything else, I’ll probably have a bad game.’
Arsenal manager Unai Emery is working under the constraints of a tight budget this summer