Speaking on talkSPORT, former Scotland striker Ally McCoist said: "Arsenal signing Ilkay Gundogan is an interesting one. What a statement that would be. It would be a bigger statement from Arsenal than Gabriel Jesus. It would be a bigger statement than Oleksandr Zinchenko, for me.
"Arsenal would be getting a brilliant player. The age factor doesn't really come into it, nowadays, for 32-year-olds. The players have kept themselves meticulously fit and they are great professionals. And Gundogan is certainly that. The only negative is that you don't have a sell-on.
"But that's balanced by the fact that you are going to get him on a free. He is a big occasion player, that's exactly what he is. Everybody will be after him. Gundogan has been tremendous… Without a doubt, if you get him on a free and Declan Rice, that would be beyond your wildest dreams."
Gundogan is set to become a free agent at the end of the 2022/23 season but Manchester City have reportedly offered the midfielder a new contract.
As for Rice, Arsenal remain interested in the West Ham midfielder but face competition from Manchester United and Chelsea for his signature.