Bellerin has been out of favour in 2021 and looks increasingly likely to be leaving the Gunners after a 10-year association with the club.
Xhaka has been a regular in the Arsenal midfield since arriving from Borussia Monchengladbach in 2016.
However, he has been unable to lead the Gunners to Champions League qualification in any of his five seasons at the club.
Xhaka wanted to leave in January 2020 after a public falling out with Arsenal supporters earlier that season.
However, Arteta convinced the Switzerland international to stay.