William Gallas may have played his last game for Arsenal after stunning the club with 'extravagant' wage demands, according to chairman Peter Hill-Wood.
The 32-year-old France international is out of contract next month and could leave on a free transfer should he fail to agree terms to extend his four-year stay at the Emirates Stadium.
However, Hill-Wood has warned the former Chelsea defender that only a significant drop in his wage demands will result in terms being agreed.
"His demands are quite extravagant and I don't think we are prepared to go along with it," he told the Daily Star.
"We would very much like him to stay, but I think for one year, and not on the money he wants.
"He is a good player, but you have got to draw the line somewhere.
"If he can get the money somewhere else, good luck to him. We still hope he will sign, but if he doesn't, he doesn't.
"It is not that we are being bloody-minded for the hell of it.
"We have got to look forward and the cost of players isn't just in transfers, it is in the salaries as well. And we analyse these quite carefully, because we don't want to go bankrupt."