Bukayo Saka could join Man City or Liverpool in the summer.
The Gunners are desperate to tie the Arsenal youngster to a new deal but a potential summer move could be on the line for Saka this summer.
He earlier expressed his desire to play in the Champions League.
If Arsenal fails to finish in the top four this season, it would be hard for the club to persuade the winger to stay with the North London club.
The Arsenal academy graduate has two-and-a-half years remaining on his contract.
Football Insider’s Russel Edge said: “Saka’s had such a quick rise at Arsenal over the past three seasons. He has become a hugely important player and commodity for them.
“Saka will not want to leave Arsenal, he will desperately want to get them into the Champions League this season.
“But there will be pressure from his agent. There will be whispers and people talking because teams in the Champions League will want a player like Saka in their side.”
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