Maitland-Niles made 32 appearances for Arsenal last season and started the FA Cup final victory over Chelsea.
However, Arsenal is committed to rebuilding under manager Mikel Arteta and have told Maitland-Niles they are willing to listen to offers for him.
No bids have been made yet but it is understood a deal could be put together for an offer in the region of £20m.
Newcastle and Wolves are both interested in the England Under-21 international, while Everton is also thought to be considering whether to make a move.
Maitland-Niles has been with Arsenal since he was six and has a contract that runs to 2023.