The 19-year-old defender joined the Gunners for £27million in the summer of 2019 but has yet to make an appearance for Mikel Arteta's squad since his loan deal from Saint-Etienne expired last summer.
Canal Plus says Saliba is open to moving down to a £90,000-a-month salary in order to seal a move to former club Saint-Etienne.
Saliba, who is believed to earn around £160,000-a-month in his current Arsenal contract, came through the Saint-Etienne youth ranks and made his first-team debut in September 2018.
A breakthrough season in French football during the 2018-19 campaign, which saw the defender play 16 times in Ligue 1, caught the eye of Arsenal who signed the centre-back while Unai Emery was managing the club.
Saliba was loaned back to Saint-Etienne as part of Arsenal's agreement to sign the player but an injury hit season saw him feature just a dozen times in the French top-flight last term.