The 22-year-old, who still has two years of contract, has sparked interest from Lazio, who is seeking to replace Felipe Anderson, West Ham's record holder.
Iwobi only provided three goals and five assists in 26 league games in the last term.
Chuba Akpom will leave Arsenal this summer and will definitively join Belgian high-level club Sint-Truiden for £ 2 million, reports Mirror.
Akpom is one of five players eliminated by Unai Emery for the Gunners' pre-season trip to Singapore.
The 22-year-old is in the final year of his contract with Arsenal and has struggled to win in the Gunners' first team since his competitive debut against Sunderland in September 2013.
Ankaragucu, the new Turkish Super Lig team, spoke with Nigerian international Emmanuel Emenike about a possible transfer, according to Fanatik.
The Yellow-Navy will strengthen their ranks to take up the challenge in the Turkish elite with the former goalkeeper from Fenerbahce who had a difficult spell at Olympiacos and Las Palmas last season.
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