The right-back is out of contract at the end of the season and the Gunners are fearful he may join a Premier League rival, with Manchester City, Chelsea and Liverpool all keenArsenal defender Bacary Sagna has admitted he does not expect to remain at the Emirates Stadium beyond the end of the season.
The right-back is out of contract at the end of June, with the Gunners offering the Frenchman an €100,000-a-week two-year extension - with the option for a third year.
However, the club fear Sagna is ready to join a Premier League rival - with Manchester City, Chelsea and Liverpool all interested - and the 31-year-old has admitted a summer exit is likely.
"I'm out of contract, as everyone knows. I still consider myself as an Arsenal player at present," he told Europe1.
"But actually we had a small problem to agree [with the club], and I don't think I'll stay at Arsenal at the end of the season.
"It is a mixed season, we started very well, but we could have done better. Injuries have hurt us, especially those of [Aaron] Ramsey, [Theo] Walcott. At this level, it does not forgive."
Sagna is one of Arsenal's longest-serving players having joined from Auxerre in 2007.