The Swiss international has enjoyed a remarkable turnaround in fortune at the Emirates Stadium, emerging as a key player in their unexpected Premier League title challenge.
Now a leading part of the set-up under Mikel Arteta, Xhaka has rebuilt his career with the Gunners having been booed off by his own supporters against Crystal Palace in 2019.
Still, Arsenal are on the lookout for midfield reinforcement this summer.
Standard Sport understands they could target another midfielder too, as well as a new forward.
Xhaka will have entered the final year of his contract at the end of the season and has been touted as a leading target for the German club.
Of the reports, Rolfes said: “We are looking around the market, but I will not comment on that.
“We want to fundamentally improve our team. There will be changes, we want to create new impetus.”