The 29-year-old was believed to have been the subject of interest from the Saudi Pro League late in the summer transfer window, but Arsenal rejected a £29m offer from Al-Ittihad due to his importance to Mikel Arteta's system.
Trossard joined the Gunners midway through the 2022-23 season from Brighton & Hove Albion after Arsenal lost out to Chelsea in the race for Mykhaylo Mudryk, paying £20.1m to bring him to North London.
The Belgium international hit the ground running under Arteta and has had a direct hand in 33 goals in 83 matches in red and white, 20 of his own and 13 assists across all competitions.
Trossard has struggled to showcase his best form in the early portion of the 2024-25 season, though, only managing two goals and one assist in 15 games, and his recent performances have drawn criticism from Gooners.
Arsenal 'in dialogue' with Trossard over new contract
The ex-Brighton winger has tended to perform best as a substitute on the left-hand side, but he has often been thrust into a central role this season due to the absence of Martin Odegaard with an ankle injury.
Odegaard made his long-awaited return in last weekend's 1-1 draw with Chelsea, though, and the Norwegian's comeback saw Trossard dropped to the bench before he came on for the final 20 minutes.
Despite his difficulties in the current campaign, Football Insider reports that Arsenal are in dialogue with Trossard's camp and are working to tie him down to a new long-term contract at the Emirates.
The interest from Saudi Arabia - which remains strong - is supposedly one of the reasons that Arsenal are hoping to agree fresh terms with the winger, who is also on the radar of West Ham United.
However, Trossard is supposedly not interested in moving to the London Stadium, and the 29-year-old's current terms with the Gunners are due to expire at the end of the 2025-26 campaign.
Could Trossard stance scupper possible swap deal?
Whether Trossard is open to penning fresh terms in North London is unclear, but if he has vetoed a move to West Ham, that may come as a disappointment to some Gooners hoping for an audacious swap deal.
Indeed, Arsenal are believed to be showing a strong interest in Irons attacker Mohammed Kudus, but their London rivals are not expected to let the Ghanaian leave unless an interested party stumps up a fee of £85m.
The Gunners are prepared to fork out the big bucks if Arteta gives the green light - see Declan Rice and Kai Havertz - but West Ham's interest in Trossard could have thrown up the idea of a part-exchange deal with Kudus.
As it is, Arsenal will seemingly have to either pay the full fee or come up with an alternative player-plus-cash package to bring Kudus to the Emirates, although they may have another ace up their sleeve in the shape of Fulham loanee Reiss Nelson.
The Gunners academy graduate is expected to leave in search of regular first-team football next year, while Chelsea loanee Raheem Sterling is unlikely to join permanently amid claims that Arteta has been left unimpressed with his displays in training.