Rennes general manager Pierre Dreossi believes it is possible that Yann M'Vila could sign for Arsenal before the close of the transfer window.
M'Vila, 22, has been strongly linked with a move to a Premier League side this summer, with North London rivals Arsenal and Tottenham both said to be keen.
However, Spurs manager Andre Villas-Boas stated last week his club's interest in the France international had ended, as they focus on bolstering their frontline.
The Gunners' sale of Alex Song to Barcelona, which was confirmed on Monday, has reignited speculation they could look to M'Vila, who is valued at around €20 million, as a replacement.
Of the holding midfielder's future, Dreossi told RMC: "Arsenal? Maybe. You need to ask Arsene Wenger. I think Arsenal will look for a player in this position. He (M'Vila) could go there or to a club which sells Arsenal a player."
Dreossi is keen for a resolution over M'Vila's future by the end of the week, adding: "We will start negotiating. We hope to find a solution by the end of the week.
"It is complicated. Yann doesn't want to go to a team where he is not completely wanted. There is a real chance for him to stay (in Rennes) this season."
Zenit Saint-Petersburg are also said to be keen on M'Vila, while reports in France suggest Aston Villa's Jean Makoun could be targeted by Rennes if they sell their midfielder.