Arsenal are drawing up a third contract offer for Bacary Sagna as they continue their attempts to convince him to stay, reports the Daily Mail.
Sagna has already rejected two contract offers from Arsene Wenger with one offering him a one year deal worth £60,000-a-week and the second a two year contract on the same money.
However, the French international is holding out for a three year deal and had hoped his loyalty in the past would be rewarded.
Sagna has not demanded a pay rise since 2008. In that time he has rejected the advances of both Manchester City and Real Madrid to stay with the Gunners, despite their struggle to compete for silverware.
It is understood that the player has been left 'deeply upset' by Arsenal's lack of faith in him and is now considering leaving for free when his contract expires in the summer.
Monaco, PSG and Galatasaray have all shown a willingness to offer Sagna the big deal he desires and the 30-year-old's head is starting to be turned.
If Sagna was to leave it wouldn't be the first time Arsenal have lost someone due to their reluctance to offer over to offer an over-30 a long-term deal.
Robert Pires left the club in 2006 for Villarreal after Wenger refused to offer Pires more than a 12 month contract. Wenger has, however, shown a willingness to break his own rule, offering a three year deal to a 30-year-old Sébastien Squillaci in 2010.