The Polish stopper has struggled to adapt to Premier League life, making just 27 first-team appearances since his arrival in 2007.
Although he enjoyed a short spell as the club’s number one, he has now fallen behind fellow countryman Wojciech Szczesny and Vito Mannone in recent seasons.
With speculation that the Gunners are looking to draft in another goalkeeper this summer, the 27-year-old’s chances of forcing his way in to Arsene Wenger’s plans could be further reduced.
As a result, he has told the Frenchman that he will be looking for a new club to join at the end of the season, and will likely be allowed to move on.
Fabianski will be joined by a number of other fringe players in heading through the exit door, with both Andrey Arshavin and Sebastien Squillaci set to leave once their contracts expire in June.
Nicklas Bendtner, Park Chu-Young, Marouane Chamakh, Denilson and Andre Santos, all of whom are out on loan, will also be allowed to move on.
As well as delving into the transfer market to replace such players, Wenger will also look to give youngsters Joel Campbell and Ryo Miyaichi first-team opportunities.