The 28-year-old has shown plenty of promise since arriving from Deportivo La Coruna last summer, but he has seen his first team opportunities severely limited.
Sitting behind Alexis Sanchez and Olivier Giroud in the pecking order, Lucas Perez started just two Premier League fixtures this term, while making another eight substitute outings.
And despite scoring a total of 6 goals across all competitions, the experienced forward does not seem to have a long-term future at the Emirates and he could leave the club at the end of the season.
A return to La Liga is a realistic possibility considering that the striker was on the radar of top Spanish sides before moving to North London.
Perez had scored 17 league goals for Deportivo in the 2015/2016 campaign.