The midfielder has just spent the season on-loan with Luton Town.
The 24-year-old scored one goal and provided three assists in 19 competitive games for Luton.
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"I have had a discussion with Arsenal and the conclusion was that the best thing for me was to leave the club, so now it is up to my agent and the club to find something," he told BBC Sport.
"I still have a contract there, one year plus one year's option, so let's see what happens."