It is being reported that the Gunners are willing to sell the left-back, 27, this summer but want closer to £12million for his sale.
Earlier in the week it was reported that West Brom manager Tony Pulis sees the England international as his best option at left-back this summer and had approached the Gunners to discuss a potential transfer. However, Pulis has also admitted that he will not pay over the odds to acquire a full-back.
Gibbs has fallen out of favour at the Emirates, making just eight Premier League starts and featuring a total of 22 times in all competitions last season.
It remains to be seen whether West Brom or another interested club are willing to meet Wenger’s £12million asking price for Gibbs this summer, but it looks as if his future at the Emirates is at an end.