The Armenian, 30, has dropped down the pecking order in north London following the £72million arrival of Nicolas Pepe and emergence of young winger Reiss Nelson.
Mkhitaryan, who came off the bench in the Gunners’ 2-2 comeback draw against Tottenham on Sunday, could now spend the rest of the season away from the Emirates Stadium.
Arsenal winger Henrikh Mkhitaryan is edging closer to join Serie A club Roma on a loan deal
Mkhitaryan joined Arsenal from Manchester United in January 2018 as part of the swap deal that saw Alexis Sanchez move in the other direction.
The Armenia international could now join Sanchez in Italy, with the Chilean having completed a loan to Inter Milan last week.
Across all competitions, Mkhitaryan has made 56 appearances and scored nine goal for the Gunners during his 18-month stay.
He first came to England in 2016, moving to Manchester from Borussia Dortmund where he made his name as a goal-scoring midfielder with 41 strikes across 140 games.