Remy joined the Super Hoops in January 2013 as a part of their desperate attempts to beat the drop, but despite impressing he was unable to fire the goals needed for survival.
Once the London club dipped into the second tier, the 27-year-old quickly left on a temporary deal to join Newcastle.
He has been in excellent form in the North East, and Arsene Wenger is now thought to be ready to make a summer move as he plots to bolster his attacking line.
Remy is believed to be valued at around £12m, a fee that the Gunners can match with their manager rumoured to have around £100m at his disposal for the coming transfer window.
Newcastle are also keen to tie up a full deal, but the player’s desire to play in the Champions League may be a major factor in his eventual destination.