The Gunners have been showing an interest in the talented 20-year-old for some time, but for one reason or another a deal has failed to materialise and he has remained at St James' Park.
Aarons progress has been blighted through injury this season, but that has not deterred the Gunners, with reports claiming a summer move could still be on the cards.
Speaking earlier in the season Aarons committed his future to the Magpies but the player will no doubt have his head turned if the Gunners make an approach.
Much will also depend on whether Newcastle can win their fight to stay in the Premier League.
Manchester City and Liverpool have also been heavily linked with a move for Aarons, and Newcastle's resolve could be tested once again during the close season.