Report: Arsenal working with Willian to terminate contract
The 33-year-old still has two years remaining on a contract under which he earns £200,000 a week.
Arsenal could save close to £20 million by dissolving Willian's deal, Kaveh Solhekol of Sky Sports reports.
Willian revealed his desire to leave the Gunners in May, according to The Guardian's Fabrizio Romano.
He's expected to join Brazilian outfit Corinthians on a free transfer before the transfer deadline, Magowan adds.
Willian made 25 Premier League appearances for Arsenal last season after joining on a free transfer from Chelsea. However, he's yet to play this season.