Cech was hailed as a steal when he joined the Gunners in the summer of 2015, forced out of Chelsea after 11 years by the emergence of Thibaut Courtois, but is seemingly just a shadow of his former self, arguably one of the greatest goalkeepers of all time at his peak.
With a new era beckoning at Arsenal following the arrival of new Head of Recruitment Sven Mislintat and new Head of Football Relations Raul Sanllehi, general changes are expected come summer.
A report from the Evening Standard notes that Arsenal will 'scout various goalkeepers' and points to Slovenian stopper Oblak as an obvious 'potential candidate' to keep an eye on.
The 25-year-old has established himself as one of the best goalkeepers in the world since becoming Atletico number one in 2015 and was talked about as a possible replacement for either Manchester United or Chelsea should they lose David de Gea or Courtois to Real Madrid.
But what the Standard's report also highlights is the importance of Arsenal getting back into the Champions League for 2018/19. That is key in terms of both the extra revenue that the competition brings to sign top players, as well as the prestige to attract them.
Oblak would certainly bring solidity to Arsenal at the back, but many would argue that the squad also needs a number of other defensive reinforcements this summer as well.