The Wales international midfielder is in the final year of his current deal at the Emirates Stadium and would be available to leave the club for free next campaign – or potentially for a cut-price during the January transfer window – if no new deal is agreed with the club.
The Mirror reports that the Gunners Premier League rivals Man Utd and Chelsea are keeping tabs on the situation with one eye on a potential swoop for long-serving Arsenal midfielder.
The likes of Liverpool, Lazio and Barcelona are also believed to be interested in the midfielder should the contract impasse rumble on.
Welshman has been with the North London club for 10 years now, making 331 appearances for the club in al competitions.
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