Arsene Wenger is to hold talks with Andrey Arshavin to decide whether the Russian has a future at Arsenal, while Nicklas Bendtner, Sebastien Squillaci and Park Chu-Young are set to leave the club.
Forward Arshavin spent the second half of last season on loan at former side Zenit St Petersburg after coming in for criticism from fans at the Emirates Stadium.
It was expected Arshavin, a £15million winter 2009 signing, would be sold this summer in order to fund further incoming players on top of the likes of Olivier Giroud and Lukas Podolski.
But manager Wenger has not ruled out the prospect of keeping the 31-year-old, who played well amid Russia's disappointing Euro 2012 campaign.
"Arshavin, it depends. We have to sit together and have talks. He could still have a future at the club," said Wenger in the Daily Mail.
The discussions could take place this week, with Arsenal having returned from their pre-season friendlies in the Far East, which did not include Arshavin.
Another item on Wenger's agenda after flying back to the United Kingdom will be the futures of Bendtner, Squillaci and Park, who have all been deemed surplus to requirements.
Bendtner spent all of last season on loan at Sunderland and has been linked with Malaga and Galatasaray, while Squillaci and Park have failed to impress since their respective arrivals in August 2010 and 2011.
"Bendtner, Squillaci and Park will be on their way to go somewhere," said Wenger.