Should he sign, the deal would make him the highest earner at the Emirates Stadium.
Negotiations between the North London club and Saka's representatives have been ongoing for several months, and all parties are confident of reaching a positive conclusion.
Arsenal believe the proposed wage accurately reflects Saka's standing as one of Europe's elite wide players and his crucial influence as the team's homegrown talisman.
The 23-year-old academy graduate has become the face of Mikel Arteta's project, consistently delivering in key moments for both club and country.
As a vital member of England's national team setup, Saka's development continues to symbolise Arsenal's resurgence under Arteta, whose own contract has just 18 months left to run.
While the Gunners are yet to open talks over extending the Spanish manager's deal, the club's priority remains finalising Saka's new terms to ensure stability among their core stars.
For his part, Saka is said to be motivated by his ambition to win major honours with Arsenal and to continue evolving under Arteta's guidance.
