I have seen on the news that Arsenal have offered Saka two times his current salary to extend his contract. They are targeting to fend off the interest by Manchester City. Saka is one of the most talented players in Arsenal squad now and they wouldn't like to lose him while they are making an effort to strengthen the squad. Manchester City already have really good wingers aside from that. Therefore I wonder why they are going for another good winger.
City are looking for a long term imo. Saka is young player and he can help the team for many upcoming years. He can take Mahrez position in the future...
Of course Arsenal will not let him go that easily, there is still 2 years left in his contract and they are talking about extension of the contract with double salary! To understand how important he is for these clubs.