Arsenal is one of Derby County’s biggest creditors because of the sale of Krystian Bielik in 2019.
The Polish star had struggled to break into the Arsenal first team and needed a move away from the club to play regularly.
The Telegraph, as reported by Sun Sports, claims Arsenal and the Rams agreed to a deal worth £10million, a club record, for the defensive midfielder when Philip Cocu was their manager.
Derby secured an agreement that enabled them to sign him by paying only a small part of the transfer fee upfront.
The Championship club has since entered administration after hitting financial troubles.
The report says they have been able to pay just £2 million to Arsenal since Bielik joined them and this makes the Gunners one of the clubs they owe the most money.
They are looking for a new buyer for the club and the report claims anyone willing to take the chance and rescue them from their current troubles will have lots of debts to pay off.
Arsenal has splashed the cash on several players recently and they will be happy to make some back.
If Derby gets a new owner and pays them the outstanding fee for Bielik, that would be a good boost to their own finances.