The 20-year-old Costa Rican international arrived in Seville on a season-long loan deal in the summer, and has been a revelation for Pepe Mel's side this year.
So impressive have Campbell's performances been at Estadio Benito Villamarin, that the club are keen to retain his services again in 2013/14.
Gunners boss Arsene Wenger was keen for Campbell to gain first-team experience before unleashing him on the Premier League, twice allowing the former Saprissa starlet to leave the Emirates Stadium, taking in spells in France with Lorient, and now Real Betis.
Next season might still come too soon for Campbell with increased competition for places in the Arsenal side, so he could take in another campaign in La Liga, as he continues his development.
"There is much speculation about his future. He belongs to Arsenal and is on loan at Betis," Campbell's agent, Joaquim Batica, told Spanish publication Marca.
"It is true that Betis want to extend the loan, but nothing has been decided or agreed. The Spanish club have made it known to Arsenal and to myself what they want, but nothing has happened as yet."
Batica acknowledged that Campbell's displays have attracted admiring glances from a number of clubs around Europe, but reiterated the player's desire to remain at Arsenal.
"There is interest from several clubs across Europe," he added. "He has had a great season and it is normal that other teams want to sign him, but it is difficult to say what the future will hold.
"He wants to play and grow. It is possible that he could stay on at Betis, but eventually he will return to London because he belongs to Arsenal."