Bellerin spent last season on loan at Real Betis and is pushing for a return to the Spanish club this summer.
The Spaniard was involved with Arsenal during pre-season but is not part of Mikel Arteta’s plans going forward.
Betis want him back but they do not have the funds to pay a transfer fee and agree to the wage demands of the player.
His agent is in talks with Arsenal and is trying to convince the Gunners to terminate his contract in order to facilitate his departure.
However, the north London club would prefer to sell him for a fee rather than watch him leave on a free transfer.
Arsenal want to make sure they bring in funds from Bellerin’s exit and do not want to release him.
They are keen to move him on as soon as possible, but Betis will need to find a fee.
The Gunners are not prepared to stand in his way if Bellerin wants to return to Betis this summer.