The 26-year-old winger is the most expensive player in Arsenal’s squad but he has been nothing short of a bit-part player at the Emirates this season.
He has not started a league game since October and made just three more appearances from the bench since then.
There are question marks over his long-term future at Arsenal and clubs showed interest in him in the recently concluded transfer window.
According to French sports daily L’Equipe, Lyon and Marseille seriously considered signing the winger last month.
The two clubs showed an interest in Pepe and were prepared to move for him if they received any encouragement.
Pepe scored 22 times and provided 11 assists in Ligue 1 in his last season at Lille before moving to Arsenal.
However, Arsenal were never open to letting the player go and kept the door shut on his departure.
It has been claimed that Arsenal are likely to consider selling him in the summer if he does not improve in the latter half of the season.
