Pires is currently unattached after Villarreal decided not to take the option to extend his stay with the Spanish outfit.
The midfielder was invited to train with his former team to get back to fitness after spending six years with the Gunners during which he was part of Arsenal’s 'Invincibles' title-winning team.
Pires, 37, is eager to extend his playing career and feels he still has a lot to offer to the right club, although the French midfielder would preferably favour a move to a London club.
Pires told L'Equipe Mag: "I spent six beautiful years at Arsenal. London became my home and I knew I would come back.
"Arsenal have offered me the opportunity to train and I can't thank Arsene Wenger enough."
However, the former Gunner has admitted the clock is against him and added that if he is without a new club in January then he will retire from the game.
Yet Pires has opted to battle against that happening by keeping his options open by not limiting himself to a move to a Premier League club. This will put Championship leaders Queens Park Rangers on alert after the Frenchman declared himself open to a move there.
"Even for a club like Birmingham or Stoke City? Of course, if I have an opportunity from Aston Villa, I will rush," he added.
"But I will analyse any proposition. I don't want to go anywhere and fight every weekend for salvation.
"QPR? I would be attracted. I am not necessarily looking for a six-month contract. I could imagine myself playing much longer.
"I will give myself until January 31. If at the end of the winter transfer market I have not found a club, I will hang up my boots."
Arsenal have not win a major trophy since Pires left in 2006. His last game saw them lift the FA. Cup after defeating Manchester United.
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