​Arsenal have begun monitoring PSV Eindhoven striker Donyell Malen ahead of a potential move to bring the 20-year-old back to the Emirates Stadium.

Malen joined Arsenal back in 2015 but left two years later in search of first-team football. He established himself as a regular with PSV last season and has started off this season with 11 goals in his first 14 games - five of which came in a recent victory over Vitesse Arnhem.

According to ​The Mirror, that form has caught ​Arsenal's eye, but they are one of a whopping 45 clubs who have expressed an interest in Malen, who is valued at £50m by his club.

PSV only paid Arsenal £500,000 to sign him in 2017, and they now believe that his record - 22 goals and nine assists in 60 appearances - means he is worth 100 times his original value just two years on.

Their logic is also based on the fact that Malen is now a fully fledged Dutch international, having made two appearances for the Netherlands during the last international break. He netted on his debut against Germany, which only increased excitement even further.

It is thought that he may be open to a return to Arsenal, having initially wanted to follow in the footsteps of Dutch icon Dennis Bergkamp and make it at the Emirates earlier in his career.

Malen previously said: “Arsene Wenger told me that he saw a lot of potential in me. He gave me a lot of confidence and I wanted to do everything to become a better player at Arsenal - but I needed chances in the first team.”

However, whether he would get that game time at Arsenal is a different question. The Gunners have a star-studded forward line of ​Alexandre Lacazette, Nicolas Pepe and ​Pierre-Emerick Aubameyang, so it would be difficult for Malen to force his way into the team.

Pierre-Emerick Aubameyang,Alexandre Lacazette

Having said that, should either Lacazette or Aubameyang leave for sizeable fees, that could open the door for Malen to return.

Should Arsenal fail to make a bid, Malen is expected to have no shortage of suitors. One of those 45 interested sides is believed to be ​Liverpool, who are on the lookout for young, exciting attackers to strengthen their squad.