As per the BBC Sport, the North London club are set to meet with the 23-year-old’s representatives to discuss a new deal.
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Saka, who signed his most recent extension back in 2022, is said to be earning £10 million a year and will be out of contract at the end of the 2026-27 season.
The England international has been out of action for the past three months after picking up a serious hamstring injury in Arsenal’s 5-1 Premier League win over Crystal Palace earlier in the season.
It remains unclear when Saka will make his return, with Mikel Arteta’s side set to return to action after the international break with a game against Fulham.