Arsene Wenger will decide in the next two weeks whether to offer veteran former England full-back Lee Dixon a new one-year deal which would take him into his 15th season at Highbury.
Dixon, 36, who would otherwise be a free agent in June, said: "If I'm offered a new contract I'll sign it and if not, although you never say never, I'll probably retire. I can't see myself signing for any other club."
New contract negotiations are also on-going with skipper Tony Adams, England goalkeeper David Seaman and French stars Thierry Henry and Patrick Vieira.