The Frenchman has been with the Gunners since joining the club from Auxerre back in 2007.
However it looks likely his time at the club is coming to an end with his contract running out at the end of the season.
So far Arsenal are yet to agree a new contract with the 31-year-old, who is reportedly a target for a host of clubs from Italy and Turkey.
It has been reported that so far Arsenal have offered two contracts to Sagna - however both have been two year deals and the full-back is holding out for a three-year offer worth £100,000-per-week.
Now it looks as though an agreement won't be reached, with the Standard claiming that Arsenal's third and final offer of a two-year contract worth £75,000-per-week will not be accepted.
The paper adds that Arsenal boss Arsene Wenger is now looking at potential replacements, including Southampton youngster Calum Chambers. Arsenal are also monitoring Sebastian Jung, the Eintracht Frankfurt defender.