The Gunners were originally demanding £13m for the striker who scored just one Premier league goal in 11 appearances but have lowered their expectations and are allowing the Spanish striker to leave on-loan with a modest fee.
Having joined the London club from Deportivo last summer, Perez started just four matches after CHristmas and did not start a game following the FA Cup win at Sutton in February.
There has been interest shown from Valencia and Marseille but Perez strongly favours a move back to his former club.
The La Liga side want a loan move for the striker with the option of a permanent transfer in the future for £4m.