Sagna, 30, is entering into the final season of his current deal at the Emirates Stadium, and so could become a free agent this time next year and agree a lucrative Bosman transfer.
Big-spending Paris St Germain and Monaco are said to be monitoring the situation and the former Auxerre defender told L'Equipe: "There are [talks], but I still haven't extended my contract. I am talking, and I am not at a bad club either."
When asked whether he could return to play in France, Sagna, who is currently on international duty, added: "It is possible.
"We would have to see in which conditions and, in sporting terms, what they propose. I won't go just anywhere.
"If I stay at Arsenal, I will try to have a good season, there's the World Cup at the end of it.
"If I am to leave, it will be a new challenge."
Swansea's Ashley Williams and Borussia Dortmund defender Lukasz Piszczek are two reported targets should Gunners boss Arsene Wenger decide to overhaul the rearguard again in the summer, with captain Thomas Vermaelen vowing to stay on and battle for his place in central defence while Laurent Koscielny has emerged as a target for Champions League winners Bayern Munich.
Wenger has some £100million with which to improve his squad for a long-overdue serious title challenge.
A large chuck of that war chest - to include both transfer fees and wages which will be freed up by off loading surplus squad men - is understood to be set aside for attacking reinforcements, with England striker Wayne Rooney, Swansea forward Michu and Real Madrid frontman Gonzalo Higuain all on Wenger's radar while a move for France Under-21 forward Yaya Sanogo is set to be completed shortly.