The 27-year-old has not made the Gunners squad for their opening trio of Premier League games this season.
Arsenal manager Mikel Arteta has reportedly granted Holding the green light to seek greener pastures away from the Emirates Stadium.
Holding stands at a crossroads of possibilities as the transfer window closes on Friday.
The lure of consistent game time in the Premier League entices him, and Luton’s determination to reinforce their backline could be a lifeline for the Englishman.
Spanish clubs have come knocking on Holding’s door, while Besiktas have also been linked.
Wolverhampton Wanderers and Crystal Palace are monitoring the situation and are ready to pounce should Holding become available.
Luton are aiming to fortify their ranks with the seasoned defender as they value Holding’s experience and defensive prowess.
Holding has nearly a century of Premier League appearances under his belt and could be the missing piece in Luton’s puzzle.
Arsenal are looking to resize their squad before the transfer window closes. Young gun Folorin Balogun will embark on a new chapter in his career with AS Monaco.
The Ligue 1 club’s keen interest has led to a £34 million deal, a price that Arsenal had to accept after holding out for £50m.
Arsenal’s house-cleaning efforts extend further, with Albert Sambi Lokonga, Cedric Soares, Nuno Tavares, and Nicolas Pepe all up for grabs as Arteta endeavours to whittle down his squad.
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