The 32-year-old has been largely frozen out of Mikel Arteta's squad during the 2023-24 campaign, only making one appearance in the Champions League and another in the EFL Cup.
In spite of the absences of Takehiro Tomiyasu, Jurrien Timber and Thomas Partey - who played at right-back at the start of the season - Cedric continues to be overlooked for top-flight minutes thanks to Ben White's availability.
Cedric has been an unused substitute in each of Arsenal's last eight Premier League games, and the consensus is that he will struggle to make matchday squads when the Gunners' injured defenders return to fitness.
As things stand, the Portugal international will leave the club when his contract expires at the end of the season, although Arsenal could still try to recoup a small fee through a January sale.
According to the Daily Mail, Besiktas have emerged as "serious" candidates to prise Cedric away from North London, and the Turkish giants are discussing a deal with their Premier League counterparts.
While Arteta is believed to rate Cedric's experience highly in the dressing room, the former Southampton man is seen as expendable, and the two clubs are close to reaching an agreement.
However, it remains unclear whether Cedric will head to Besiktas in January or simply sign a pre-contract agreement before joining on a free transfer in July once his Arsenal deal runs its course.
Having entered the last six months of his contract, Cedric is free to open talks with foreign clubs, and he could potentially join Besiktas on loan this month before making his stay permanent in the summer.
Arsenal captured the former Sporting Lisbon and Inter Milan defender on such a deal in 2020, taking him on loan from Southampton in the winter window before signing him on a free transfer that same summer.
Since leaving the Saints, Cedric has made 61 appearances for Arsenal across all competitions, scoring two goals and providing five assists and winning one Community Shield in 2023.
The defender enjoyed his most productive season in an Arsenal shirt in the 2021-22 campaign, making 21 Premier League appearances to help the Gunners return to Europa League football for 2022-23.
Cedric spent the second half of last season on loan at Arsenal's London rivals Fulham, playing eight times under Marco Silva's wing but only making two Premier League starting lineups.
La Liga heavyweights Villarreal are also reported to hold an interest in signing the 32-year-old, but Besiktas are currently at the head of the queue for his services.