The Gunners have first refusal on Cesc, who has hit out at the lack of first team action he's seen this season.
"I've always said that I play for the best team in the world, but I came here to compete, to learn and enjoy, not to sit wracking my brains.
"I am delighted to be a part of this team, but when a coach tells me I have to go, I will go - but I will not make it easy for him to do so, by any means.
"I will keep going, looking forward to the time that things change.
"I came here to see out my career."
Manchester City will also be monitoring developments, having tried for Cesc before he returned to Barca last year.