The Gunners' full-back is reportedly ready to call time on his spell in North London, as CBS Sports claim Bellerin will quit Arsenal at the end of the season, with two clubs leading the race for his signature.
Paris-Saint Germain are in the running having expressed an interest in the Spaniard last summer, while a return to his former club Barcelona is also a possibility.
The latter would appeal to Arsenal's technical director Edu, who may use the opportunity to reignite the club's interest in Barca's Firpo.
Arsenal tried to sign the left-back on loan last month until the end of this campaign, but failed to agree a deal.
Their interest in the 24-year-old has not gone away, though, and Bellerin's stance could bring both clubs back to the negotiating table.