The 21-year-old has been in brilliant form ever since he joined Newcastle on loan in January until the end of the season, after struggling for consistent game-time at Arsenal.
According to a report from CaughtOffside, Arsenal are set to receive lots of offers for Willock in the summer transfer window, with the likes of Everton, Leeds United, Crystal Palace and Southampton all monitoring his future at Arsenal.
Apart from this, Newcastle are also keen on extending his stay at St James' Park, especially since their recent upturn in form has led to them being a few steps closer to Premier League safety.
Arsenal still need to decide what they will be doing with Willock in the summer, and it is still possible that they could be loaning him out again at the start of next season, possibly with an option to buy in the future to try and raise funds in order to strengthen other areas of the squad.
The Gunners have found it difficult to maintain any form of consistency this season, leading to them being in tenth place after 33 games, and changes are definitely needed if Mikel Arteta wants to have a better campaign next season.
The England Under-21 international has shined with Newcastle in the few games that he has played in, scoring a number of crucial goals with the Magpies.
Prior to his move to Newcastle, Willock found it hard to nail down a spot in the Arsenal team, often being reduced to late cameos and games in the UEFA Europa League.
A final decision regarding his future at Arsenal is set to be made at the end of the season, along with those of fellow academy graduates Reiss Nelson and Ainsley Maitland-Niles.