The former Chelsea duo have both been linked with moves away from Emirates Stadium, as manager Mikel Arteta plans an overhaul of first team and fringe players ahead of next season.
33-year-old Luiz will become a free agent in the summer and was expected to depart when his contract expires at the end of the season.
Luiz was handed an extra 12 months on his deal last summer after impressing Arteta with the impact he had on the younger members of the squad.
“He’s a great example for them (the youngsters),” said Arteta when asked about Luiz’s influence on the young players.
“He’s got a good mixture with them between some banter and then some stick.
“They all listen to him because of who he is and what he’s done in the game. But also because how he behaves every day, how professional he is and how he goes about the job. He is one of the key role models that we have in our team.”
However, football.london understands that Luiz is assessing all his options with interest from teams in the MLS, Portugal and the United Arab Emirates.
There is not expected to be a summer exit for Willian however, who is happy in London and has a contract at the club which runs until the summer of 2023.
“We already spoke about it,” said Arteta in his pre-Chelsea press conference when asked about Luiz’s future.
“At the end of the season, the decision will be made.”
Indeed, the centre back position is an area where the Gunners are well-stocked with William Saliba set to return from his loan spell in the summer.
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Meanwhile, the club are expected to offer Alexandre Lacazette a one-year extension which the Frenchman will mull over, with Eddie Nketiah’s future also uncertain as he goes into the final year of his deal.