I'd imagine he will be staying at Arsenal, especially if PSG manage to get Neymar. Although he might want to leave, Arsenal hold all the cards here and, if he sees out his contract, so be it. For what it's worth, I actually think he should see it out. He was happy enough to sign it and take all the benefits and security it offered so, if they wish to keep him, he should honour his contract, perform at the highest level he can for a season and leave next year. The players have an inordinate amount of power now and this, like VVD, is another step in the wrong direction. He can ask for a transfer (he won't, because he loses money), or City could put a bid in and have it accepted or turned down, it's really that simple.
If he should 'go on strike' I would hope we'd have nothing to do with him.