The France international joined the Gunners from Sevilla in 2010 but has found first team football hard to come by in England, with injuries and a loss of form doing him few favours.
The 32-year-old defender has slipped completely out of favour at the Emirates this season and appreciates that the time has come to move on.
His contract is due to expire at the end of the season which would allow him to drop into the free agent pool, but there is a chance that he will be allowed to leave during the January transfer window.
Squillaci told Vermatin.com: "With (Laurent) Koscielny, (Per) Mertesacker and (Johan) Djourou, the competition is fierce.
"I played in the Champions League with Olympiakos. I have played five times for the reserves and I always train seriously.
"My relationship with Arsene Wenger is good. I remain as professional as possible.
"I will be out of contract at the end of the season. As things stand, I will leave, perhaps during the January transfer window or else in June."
Returning to his homeland is one option open to Squillaci, and he admits to having had contact with a number of clubs in Ligue 1.
He added: "Of course, playing in my home region of Provence-Alpes-Cote d'Azur is something that interests me.
"Marseille, Nice, Monaco, Bastia and Ajaccio are clubs who speak to me. I am 32, and I still have two or three good seasons left.
"I will make my choice depending on the opportunities that arrive."