Robert Pires has played down claims he has agreed to sign for Villarreal.
Pires joined Arsenal from Marseille for £6m in 2000
Arsenal's 33-year-old French winger has revealed he has three offers to consider, and could even yet stay with the Gunners.
Villarreal are favourites after offering a two-year deal, while Arsenal are prepared to give Pires only a 12-month contract.
Pires said: "I will make a decision next week but I am not yet a Villarreal player - that's for sure."
Earlier this week Villarreal president Fernando Roig had said: "Pires is a player who is going to play in the Champions League final and when that game is over, he will be freed from his obligations and he will be able to come for his presentation at Villarreal."
Those comments fuelled fears at Arsenal that Pires, signed from Marseille for £6m in 2000, had played his last game for the club.