The England international is set to become a free agent in the summer unless Arsenal can reach an agreement with the versatile midfielder.
According to reports in England, Arsenal want Wilshere to take a pay cut from his current wage of £100,000 given his frequent injury problems in recent seasons.
Wilshere spent the 2016-17 season on loan at Premier League rivals Bournemouth before the Arsenal star returned to The Emirates last summer.
Arsene Wenger informed Wilshere that he was free to leave the north London side but he opted to remain and fight for his starting spot.
The England star managed to win over Wenger and earn a regular starting spot in the Arsenal team but still remaining fit.
The Gunners star has been linked with a potential move to Liverpool FC, Wolverhampton Wanderers and Chelsea FC in recent months.
Former Arsenal midfielder Merson believes Wilshere shouldn’t feel compelled to show loyalty to the Gunners given his service over the years.
“People say Wilshere owes Arsenal,” Merson told Sky Sports.
“What does he owe Arsenal? He was thrown out on loan last year. If I am his agent, it tells me you’ve got to leave because they don’t fancy you.”
Wilshere has scored two goals and has made four assists in 36 games in all competitions during the current campaign.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news