Estadio Deportivo claim the Arsenal boss has advised Costa Rica international Campbell to look for a new team either on a permanent or loan deal.
According to the Spanish outlet, Valencia have knocked on his door with head coach Pako Ayestaran keen to strengthen his attacking options.
AC Milan reportedly enquired about Campbell months ago and could revive their interest.
Campbell joined Arsenal from Costa Rican side Saprissa in 2011 but found spent the majority of his time on loan at Lorient, Real Betis, Olympiacos and Villarreal before establishing himself in the first-team squad last season.
Despite making strides at the Emirates, he found himself regularly left on the bench once Arsenal’s injury problems eased at the end of the campaign.
Source:: PM Newspaper