Lewis-Skelly impressed in his breakthrough season last year, but this term the 19-year-old has struggled to secure regular playing time and has started just one game in the Premier League so far.
Nwaneri also made an impact for Arsenal last season but found first-team chances under Mikel Arteta difficult to come by this year before his loan move to Marseille in the January window.
According to the BBC, Arsenal are willing to cash in on both Lewis-Skelly and Nwaneri at the end of the season but will want £100m for their two academy graduates.
Borussia Dortmund and several Premier League clubs have already expressed an interest in Nwaneri.
Arsenal are reportedly open to offers for Gabriel Martinelli (Getty)
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