Per the source, the Bundesliga giants will consider bids that meet their valuation for the Turkish international.
Fanatik reported in their newspaper today that Calhanoglu is an Arsenal target and it is not the first time he has been linked with the north London based club.
The 22-year-old was targeted by the Gunners last summer but Bayer ruled out a move for their star man.
The Express reported that Bayer wanted £29 million for the Arsenal target last season but the Gunners may be able to get a better deal has he now has just three-years remaining on his contract.
The free-kick maestro was snapped up by Bayer from from HSV for €14.5m in 2014 and he has gone on to score 11 direct set-piece goals in the Bundesliga alone.