The midfielder has two years remaining on his deal with Arsenal.
The midfielder has spent another season on the sidelines after picking up the latest in a series of long term injuries before the campaign began.
He made his return as the season drew to a close though, with a particularly impressive showing in the 2-2 draw with Manchester City,
Despite a lack of playing time, he was handed a place in England’s squad for Euro 2016 this summer, with manager Roy Hodgson having been determined to include him.
Whether he plays a major role in that tournament this summer remains to be seen, but it appears Arsenal will be keeping a close eye on his performances regardless.
The Gunners are keen to hand him a new deal a new deal to ensure he remains at the club long-term.
As a result, they will assess him across the tournament in France, and should he be able to prove hit fitness, will seek to open talks about an extension to his current deal, according to the Telegraph.