The Portuguese full-back has entered into the final six months of his contract at the Emirates Stadium, worth £100,000-a-week, and he could leave before the January transfer window shuts next week.
Besiktas are keen on Soares, with the Turkish club now managed by Fernando Santos, who coached Cedric during his time in charge of Portugal.
Galatasaray have also expressed an interest in Cedric as they could be in the market for a new right-back in the coming days.
Sacha Boey is a target for Bayern Munich after they failed with an approach for Newcastle's Kieran Trippier.
It is understood that any move by Galatasaray for Cedric would be a permanent transfer.
The 32-year-old, who has 34 Portugal caps to his name, has been in the Premier League since 2015 after stints with Southampton and Arsenal, but is open to moving abroad now.
Arsenal have had a quiet transfer window so far as the club are close to the limit when it comes to Financial Fair Play regulations.
There could be some outgoings before next Thursday’s deadline, though, with Nuno Tavares another player attracting interest. Marseille are keen on the left-back, who is currently on loan at Nottingham Forest.
There is no break clause in Nuno’s loan and that may complicate a deal with Marseille, who want a left-back after Renan Lodi moved to Saudi Arabia.
Arsenal are open to selling Nuno permanently as he has slipped down the pecking order in recent seasons.