Pepe arrived at the Emirates Stadium for a club-record £72m back in 2019, but has failed to live up to expectations over the past three years.
How has Pepe fared at Arsenal this season?
The 28-cap international has featured in 16 league matches in 2021/22, but has only been handed five starts as he has found himself behind the likes of Bukayo Saka and Gabriel Martinelli in the pecking order.
When he has been given chances, his numbers have been underwhelming. The 26-year-old has registered just one goal and one assist in the top-flight.
Pepe recently admitted that he is frustrated with his current situation at Arsenal, and revealed that he will be considering his options when the season concludes, suggesting that he could look for a move elsewhere if he continues to sit on the substitutes’ bench.
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What has Jones said about Pepe’s future?
Jones thinks Arsenal face a difficult decision this summer over whether to keep Pepe or not. He has hinted that they are edging towards keeping him as they are aware that they will struggle to receive anywhere near the same amount of money that they paid for him.
He told GIVEMESPORT: “Nicolas Pepe is a really difficult one. There’ve been flashes recently of him showing what he’s capable of. The club don’t want to give up on him because he was such a big investment.
“They know they overpaid for him, I think. But, they’re not going to see that value reflect again in the next transfer market.”
Should Arsenal sell Pepe this summer?
As Jones mentioned, this is not a straightforward decision for Arsenal to make.
Pepe is now valued at £27m by Transfermarkt, meaning the Gunners face a huge loss of £45m on this whole deal if they sell him at this price. That would not be particularly good business on their part.
Then again, the Ivorian is not offering much, and it might be time for Mikel Arteta to cut his losses.
He was willing to allow Arsenal to take the financial hit when it came to letting Pierre-Emerick Aubameyang go in January, and he may want to do the same again here.
Pepe is currently earning £140,000-a-week, so getting his wages off the books and receiving a respectable transfer fee could work out for Arsenal as it would free up funds to be reinvested into the squad ahead of next season.