The highly-rated youngster was allowed to head for Spain last summer on a year-long agreement.
He has previously taken in a similar stint in France with Lorient, with Arsenal eager for the 20-year-old forward to get first-team experience under his belt before unleashing him on the Premier League.
Betis hope they can take advantage of that stance in 2013/14, with Campbell having offered enough this season to lure them back to the negotiating table.
Campbell's agent Joaquim Batica told MARCA.com: "There is much speculation about his future. He belongs to Arsenal and is on loan at Betis.
"It is true that Betis want to extend the loan, but nothing has been decided or agreed. The Spanish club have made it known to Arsenal and to myself what they want, but nothing has happened as yet.
"He is happy at Betis because the goals he set at the beginning of the season have been met.
"There is interest from several clubs across Europe. He has had a great season and it is normal that other teams want to sign him, but it is difficult to say what the future will hold.
"He wants to play and grow. It is possible that he could stay on at Betis, but eventually he will return to London because he belongs to Arsenal."