The French midfielder has a year left on his current Gunners deal, but is expected to leave the Emirates for Marseille following his loan spell at Hertha Berlin last season.
Asked what his plans are this summer, the France U21 captain told BILD: "I'm under contract with Arsenal and we have mutual obligations.
"To see that the club failed to qualify for a European competition for the first time in 25 years hurts deeply. That takes a lot of emotions to me. Arsenal are a big club in Europe that deserve to be in the Champions League every year. That's normal for me, an institution like this deserves only the best. Arsenal must return to where it belongs.
"I don't know the reasons for the failure because I wasn't there last season. But I'm concerned about the club's situation because Arsenal deserve great things. I am a Gunner from the bottom of my heart and will remain so, no matter what. "
Guendouzi had a close relationship with Mesut Ozil, now with Fenerbahce, during his time at Arsenal and the midfielder has revealed he is still in contact with the German as the former Real Madrid man regularly picks up the phone to offer him advice.
He said: "At Arsenal, he immediately took me under his wing and gave me a lot of tips. That's why he's like a big brother to me.
"Mesut, for example, often said: 'Keep trust in yourself and your abilities, believe in your strengths, in your game because you have the potential to assert yourself at a top club.' I have a lot of respect for him as a footballer, but also as a person. He's a person I admire. Even during my time at Hertha, we were always in contact, often writing to each other or talking on the phone."