The 23-year-old Mexican international moved to north London in 2005, but has so far struggled to make his first-team breakthrough.
After stints at Salamanca, Osasuna and a brief spell with West Brom, Vela now appears to have found a club he wishes to make his home.
Gunners boss Arsene Wenger still holds the forward in high regard, but with sweeping changes expected at the Emirates Stadium this summer, Vela could be the first of a number of fringe players to leave.
"I do not know if I will be here or not [next season]," he said. "There is still time until the window opens and I do not know what the future holds."
With six goals in 26 La Liga appearances this season, Vela has settled well in Spain, and having built a good rapport with his Sociedad teammates could seal a permanent £5million switch.
Arsenal have been linked with a host of strikers this summer, with recent speculation suggesting the club are on the verge of announcing the signing of Cologne striker Lukas Podolski.