The Moroccan international is currently on around £50,000-a-week at Arsenal, but Bordeaux are reportedly only willing to offer him a deal worth half that, and Chamakh is unwilling to accept such a drop.
The 28-year-old has not shortage of suitors – Brazilian side Internacional are also thought to be interested in the frontman – but few clubs are afford the striker’s wage demands.
Chamakh joined Arsenal from Bordeaux in 2010 on a free transfer, but has only hit eight goals in 40 Premier League appearances so far.
The Morocco international has now fallen out of favour at the Emirates Stadium, with new signings Lukas Podolski and Olivier Giroud ahead of Chamakh in the pecking order, despite the departure of star striker and club captain Robin Van Persie.
The 28-year-old, along Sebastian Squillaci, Johan Djourou and Andrei Arshavin, is one of a number of players reportedly set to be made available for transfer by Arsenal when the window reopens in January.
The Gunners are looking to bolster their own transfer kitty, as Arsene Wenger puts together a shopping list of players he would like to sign in the New Year.
But any incomings will likely have to be offset by departures, and with several of Arsenal’s benchwarmers stuck on big-money, long-term contracts that could prove a difficult task.