Sky Sports reports how the 22-year-old France international has been heavily linked with a move away from Ligue 1, with mounting transfer speculation also causing a dip in form for the talented midfielder.
Gunners boss Arsene Wenger has been credited with an interest in bringing M'Vila to the Emirates Stadium this month, after coming close to signing him during the summer.
However, Arsenal are likely to face stiff competition for his signature from north London rivals Tottenham, as Andre Villas-Boas also weighs up an offer, alongside former Spurs boss Harry Redknapp, now in charge of Premier League strugglers QPR, and Russian outfit Zenit St Petersburg.
What's certain is that M'Vila is eager to take on a new challenge, and Rennes have reluctantly conceded that it would be in their best interests to part with the player, so it looks increasingly likely that 2013 will see him head for pastures new.
"Yes, he feels like leaving," confirmed Rennes general manager Pierre Dreossi, speaking to Maxifoot. "But it is not a priority for us to sell.
"If he has to leave, he will leave. But if it is not worth it for him or for us, he will stay until the end of the season. It is all moving towards England or Russia."
M'Vila himself has confirmed that Rennes have already received offers for his services, but it's not clear whether a move in the mid-season window will be possible, meaning he may have to wait until the summer.
"The club have received offers," he said. "I want to go but the deal has to be right for everyone. If it isn't, I will stay until the end of the season."