The 20-year-old has enjoyed an impressive season and the Gunners are eager to tie him down to a new long-term deal.
Saka has a year left on his current contract with the option to extend that by a further 12 months.
Formal talks are expected to take place with his representatives at the end of the season and while he is happy at the club, the England international is eager to test himself in the Champions League.
It is believed that when Saka enters talks over fresh terms, he will be “reluctant to commit himself without an exit strategy.”
While release clauses are very rare in English football, Arsenal could find themselves under pressure to include one and could be forced to make an exception on this occasion.