Only if you think they can also force him to play well.
I'll say it again, Arsenal don't 'hold all the cards' - That would imply no matter what happens they're coming out of this as winners. They're not. They get some money, possibly buy a replacement who isn't as good, or have an unhappy player, who doesn't guarantee them any league position or any trophies (Can't really say he's pulled up trees this season, I'd say it's fair to use as an indicator). Caught between a rock and a hard place sounds much more suitable in this instance. Of course there is a scenario in which they force him to stay and he turns it on and helps them win the EL, but knowing what we do about the deal so far and how it collapsed in the summer, does anyone really want to argue that as the most likely outcome?