Arsenal had three bids for Luiz rejected in September 2022 -- the final offer totalling around £25 million ($31.6m) -- and the Brazil international subsequently signed a new contract which ties him to Villa Park until 2026.
Arsenal's interest remains but they would likely have to make a dramatically improved offer to convince Villa to allow Luiz to leave in the middle of such a promising campaign.
Arsenal have limited funds available after spending more than £200m in the summer -- significantly, their deal to sign goalkeeper David Raya from Brentford was structured initially as a £3m loan with an option for a permanent move worth around £27m specifically to aid Arsenal's compliance with financial rules.
They could raise money for new signings with Partey's departure. The midfielder has started just three league games this season amid ongoing injury problems.
Reports in Italy said Juventus are tracking Partey, and sources have told ESPN that Arsenal considered allowing the midfielder to leave in the summer but a suitable offer failed to materialise amid reports clubs in Saudi Arabia were also interested at the time.
Arsenal are open to keeping Partey but it remains to be seen whether a club formalises their interest as his departure would give Arsenal more financial clout to test Villa's resolve in keeping Luiz.