Lyon and Borussia Dortmund are interested in taking the veteran centre-back to the mainland.
The Ligue 1 side have reportedly offered him Koscielny two year deal.
Foot Mercato claim that the Frenchman is keen to return to his homeland almost decade after he departed for London.
Now, according to the Express, Arsenal are preparing to offer their skipper an extension.
The Frenchman has been with the Gunners since 2010 and is one of Unai Emery’s most experienced players.
But he started just 13 Premier League games last season after fighting back from a ruptured cruciate ligament.
Koscielny still has a year left on his contract at the Emirates.
And Arsenal are demanding £10m for the former Lorient star who has served the club for nine years.
But they are now considering offering him an extra 12 months on top of his existing deal.
Their offer would match the terms being offered from France and leave Koscielny with a dilemma.
And a result, Lyon will now revive their interest in landing Manchester United’s Eric Bailly.
They are also interested in Sampdoria’s Joachim Andersen, who is ironically a target for Emery.
Koscielny missed seven months of action, including last summer’s World Cup, which France won.
“I learned about my life and about the people around me,” he said after recovering.
“When we are playing sometimes we are focused on the small things and that can’t be good for you.
“For seven months I had to fight for my career and though it was a difficult experience I loved it because sometimes your eyes are opened more than before.”