Reports last week had suggested that the north London club had agreed a fee for the France international.
However, M’Vila has announced he intends to make a decision on where his future lies once the French domestic campaign comes to a conclusion this weekend.
"I'll make my decision after the game against Dijon [on Sunday]," M’Vila told RMC.
Although reluctant to hint at where his future may lie, M’Vila has conceded he is open to a move away from his native France.
He continued: "It is true that I would like to improve my game and for that, I have to look elsewhere. Why not in a foreign country?"
M’Vila has reportedly been a long-term target of Arsene Wenger’s and it is expected that the Gunners boss will have to smash the club’s record transfer fee, currently at £15 million for Russian midfielder Andrey Arshavin, to secure the 21-year-old’s signature.
M’Vila has been an ever-present for fifth-placed Rennes this season, making 36 appearances as well as captaining the side for the first time.
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