The French side believe that a move will be concluded soon but are not ruling out the possibility of him staying, reiterating that their asking price has not changed from £15.7m
Rennes general manager Pierre Dreossi has suggested that Arsenal will step up their interest in Yann M'Vila after losing Alex Song to Barcelona, but insisted a deal is yet to be agreed.
The Premier League outfit confirmed on Monday that the Cameroon international has signed a five-year contract with the Spanish giants, leaving a vacant spot for a defensive midfielder – with the likes of Real Madrid outcast Nuri Sahin and M'Vila having long been linked.
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Dreossi revealed that there are currently three clubs interested in the Frenchman, believed to be Zenit St Petersburg and north London rivals Arsenal and Tottenham, but reiterated that terms have not yet been finalised with any side.
"For the moment, there are three offers. There is no agreement. We enter negotiations this week and hope to find a solution," he told RMC.
"I think that it will be done by the end of this week or the beginning of next.
"It's a complicated project with clubs who are not even internally agreed [Tottenham], and clubs that Yann does not want to go to [Zenit].
"There is even a percentage chance that Yann could stay at Rennes this year.
"Arsenal? Maybe, you'll have to call Arsene [Wenger]. But when Song leaves, we must say that Arsenal will reinforce that post. Same thing for a club that sells to Arsenal.
"We maintain our price tag of around €20m [£15.7m]."