William Saliba has admitted that Mikel Arteta's decision felt like "a good slap".
Arsenal are willing to let players leave the club despite struggling to make any signings.
Two clubs have reportedly shown interest in the Arsenal striker.
Arsenal have agreed terms with New England Revolution for the transfer of goalkeeper Matt Turner.
Calum Chambers has completed an unexpected transfer to Aston Villa.
Arsenal's long term target Bruno Guimaraes is closing in on a move to Newcastle.
Arsenal have spent a big chunk of the January transfer window pursuing the Serbian striker in vain.
The new contract will fend off any interest from Manchester City that have short-listed him among their managerial candidates.
Arsenal host Liverpool on Thursday night in the second leg of the Carabao Cup semi-final.
The reported transfer ban will see William Saliba and Matteo Guendouzi return back to Arsenal at the end of the season.
The Premier League has accepted Arsenal's postponement request due to several COVID-19 cases and injuries within the first team.
Arsenal's £50m signing produced one of his best performances against Liverpool on Thursday night.