Ngumoha, who turned 18 at the end of August, is regarded as one of the most exciting young wingers in English football and Liverpool are keen to ensure his development continues at Anfield rather than allowing a Premier League rival to test their resolve.
Arsenal are certainly admirers of the England youth international and would welcome the opportunity to add another dynamic wide player to their attack.
The Gunners did not bring in a direct replacement for Gabriel Martinelli this summer. They replaced Leandro Trossard with Christos Tzolis, while they also explored more ambitious options including Morgan Rogers, Vinicius Junior and Rodrygo without completing a deal for another high-profile wide forward.
Sources say Arsenal are currently watching Ngumoha from afar and have not made formal approaches for the player. However, they would be interested in exploring the possibility of a move if the opportunity arose.
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Liverpool are now expected to act decisively to ensure that opportunity does not materialise.
The club have already taken initial steps towards a new agreement, with conversations held to establish what Ngumoha wants from his next contract and how Liverpool see his pathway developing.
Having recently turned 18, the winger is now in a position to agree improved terms that better reflect his growing status, profile and potential.
Liverpool's preference is to conclude an agreement within the next month, which would provide clarity over his future and end the speculation surrounding his position.
There is confidence they will retain him but there has also been interest from outside the Premier League, with Bayern Munich known to be genuine suitors.
Arsenal, meanwhile, remain willing to consider additions in January in any area where they feel their squad is light.
Liverpool's intention is to make sure Ngumoha is tied down before he becomes a realistic option for them.