The Spaniard joined Arsenal last summer from Deportivo in a deal with worth around £17million.
But through lack of opportunity, injury and competition for places, Perez has been unable to command a regular place in Arsene Wenger’s starting XI.
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The 28-year-old has scored scored eight goals in 21 appearances this season, including a hat-trick in the Champions League.
However, Perez is understood to be unhappy with the shortage of chances he’s received from Wenger.
Arsenal striker Lucas Perez wants to leave
And according to Spanish outlet La Voz de Galicia, Perez is ready to return to Deportivo.
It is claimed that despite Perez’s happiness with life in London, he is rethinking his future at the Emirates.
Lucas Perez in his Deportivo days
Perez is said to harbour dreams of playing at the 2018 World Cup but needs regular football to break into the squad.
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If Wenger remains as Arsenal manager, Perez believes he has no future at the club.