The Daily Telegraph is reporting that the Northern Ireland defender will have a release clause of just £3m in his contract at The Hawthorns if the Baggies fail to maintain their Premier League status for next season.
The same report says that Arsenal were strongly interested in signing Evans in the January transfer window but failed with a bid to land him at the turn of the year.
The story reports that the Gunners are prepared to try and make a fresh bid to sign Evans in the summer – but they could face fresh competition from their local rivals Tottenham if Spurs opt to sell Toby Alderweireld.
Arsenal are likely to be linked with a host of players in the coming weeks and months as the summer transfer window presents Arsene Wenger with the chance to significantly bolster his squad at The Emirates ahead of next season.
The north London side are currently in sixth place in the Premier League table and looking unlikely to be able to finish in the top four this term.
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