The Gunners were said to be considering a move for the England U20 World Cup winner earlier in the summer as part of a deal for Joe Willock.
Willock, who starred on loan for the Magpies last season, made the permanent switch to St. James' Park in a £25 million deal on Friday, but Arsenal could still come in for Woodman, according to ChronicleLive.
That's because the Gunners appear to have reached an impasse with Sheffield United over any deal for Aaron Ramsdale.
The Blades are thought to be holding firm on a £35 million asking price for Ramsdale, and Woodman could come considerably cheaper.
Woodman is yet to make a Premier League appearance for the club he joined as a teenager in 2013 - at which time his father, former Northampton Town and Oxford United shot-stopper, was the goalkeeping coach.
The 24-year-old - who has spent the last two seasons on loan in the Championship with Swansea - looks set to make his top flight debut when Newcastle host West Ham on Sunday, though, with Martin Dubravka injured and Karl Darlow likely to miss out as he continues his recovery from Covid.
Arsenal do need to strengthen their goalkeeping department; there's a marked drop-off in quality from number 1 Bernd Leno to understudy Runar Alex Runarsson - but it's highly debatable as to whether Leno is even up to scratch as first choice.
The German certainly gave the doubters further fuel last night, as he was at fault for both of Brentford's goals in the Gunners' 2-0 defeat in the Premier League opener.
As for Woodman, would he rather warm the bench at the Emirates or grasp a priceless opportunity at potentially nailing down a regular spot in Steve Bruce's side? The way things are going, it wouldn't be a massive surprise to see the two teams jostling for position in the table anyway.
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