Alan Pardew has urged West Brom's hierarchy to tie Jonny Evans down to a new contract at The Hawthorns after a January exit failed to materialise.
City opted for Aymeric Laporte instead of the Northern Ireland international, while the Gunners were reportedly unsuccessful with a deadline-day bid.
Evans' current Baggies deal expires at the end of the 2018-19 campaign but Pardew hopes that can be extended to ward off future moves for his captain.
"In my view we need to sit Jonny down and see if we can get a contract that works for him going forward," said Pardew.
"If not, in the summer again we're going to have this situation. That's something I will speak to the board about in the next couple of weeks.
"He can only be open to those discussions if the figures are right because the market dictates and we have to understand what those figures would have been elsewhere.
"Whether we can reach those figures I don't know.
"I respect his position 100 per cent and I've tried to be honest and fair with him from the day I walked in and I will be until the day I walk out."