The Frenchman’s contract is set to expire in a little over six months’ time and, as of yet, there has been little movement to extend his stay in London.
Paris Saint-Germain and Monaco are believed to be ready to step up their interest in the Gunners’ rampaging defender, and could look to pursue a Bosman move for his signature.
If Wenger loses Sagna, he will turn his attention to Coleman after being impressed by the Irishman’s start to the season.
The 25-year-old has established himself as a Goodison Park regular under Roberto Martinez, and his buccaneering displays catching Arsenal’s attention.
Coleman recently penned a new deal on Merseyside, but it is thought that an offer in the region of £10m may be enough to lure him away from the Toffees.
Ideally Wenger would like to keep Sagna, but he is aware that the defender may be keen to make one last big move and return to his homeland.