That’s according to Serie A specialist David Amoyal, who suggests the Italian giants may seek to repeat an agreement they struck with Valencia this week.
Mustafi arrived at Arsenal from Valencia in a £35m switch last summer but at times he struggled to justify that transfer fee.
He’s expected to remain with the Gunners this season though following Gabriel Paulista’s return to La Liga.
Inter are thought to be tracking Mustafi as they look to bolster their backline before deadline day.
And although Amoyal thinks the chances of the Germany international rocking up at the San Siro stand at just 20 per cent, he says Arsenal could have a part-exchange offered to them.
Writing for ESPN, Amoyal said: "After Jeison Murillo's loan to Valencia, the Nerazzurri find themselves very thin at centre-back.
"While Inter's main target is Manchester City's Eliaquim Mangala, they have also contacted Mustafi's agent about a potential return to Serie A.
"Reaching a deal with Arsenal will be difficult, however, since the Gunners are looking to get most of their £35m investment back immediately while Inter would prefer a loan deal with an option to buy.
"As an alternative, Marcelo Brozovic, who has been linked to Arsenal in the past, could be offered in a deal similar to the one Inter completed with Valencia involving Joao Cancelo and Geoffrey Kondogbia."
Away from transfer business, Arsenal resume their Premier League campaign against Jurgen Klopp’s Liverpool on Sunday.
