The France international is out of contract at the end of the season, while Premier League rivals Chelsea, Manchester City and Manchester United are all thought to be considering a move for the right back.
The interested clubs are thought to be willing to offer a contract worth £20m over the next four years, which would be equal to around £100,000 a week.
Meanwhile, the Gunners have only offered the 31-year-old a deal at his current terms of £60,000 a week for two more years.
A source close to Sagna said: “He will leave 100 per cent for sure unless Arsenal wake up in the next couple of months and offer him new good terms.
“It would have to be in the region of £6m a season on a three to four year contract, plus a signing-on fee of around £6m.
“He wants to finish his career at Arsenal as long as the board give him the right deal.”
While many think Sagna may be asking a lot, the full back does not think he has been treated fairly, with the club not rewarding him for his loyalty.
He has previously resisted the opportunity to join Real Madrid and Inter Milan, who are still interested in offering the star a £20m wage deal.