The Belgium international admits that he is in negotiations with the Gunners and claims that only the Greek club's asking price is holding up a switch to the Emirates Stadium
The forward has been in impressive form since joining from Saint-Etienne two years ago and the Greek club are not prepared to compromise on their asking price.
Reports had previously linked the 24-year-old with a move to the Emirates Stadium and Mirallas has now confirmed that there has been contact between the two clubs, but insists that he would be content to remain where he is if the deal is not finalised.
"There is still a chance I will move to the Premier League," Mirallas told Belgian newspaper Het Nieuwsblad. "My agent is having talks with Arsenal, those rumours are true.
"Only Olympiakos is in the way. They want €8 million [£6m] and not a penny less. But if the move doesn't come through, I am happy to stay in Athens."
Mirallas featured for Olympiakos in their 3-1 victory against Arsenal in the Champions League last season and has scored 34 goals in 52 appearances for the club.
The Gunners open their Premier League campaign at home against Sunderland on August 18.