Denilson says there is a 'possibility' that he could sign a long-term contract with Sao Paulo, but is awaiting the outcome of further talks with Arsenal.
The Brazilian midfielder rejoined former club Sao Paulo on a year-long loan last summer after making over 150 appearances for the Gunners.
He is due to return to Emirates Stadium at the end of the month, but is hoping Arsenal would agree to a short-term extension, if Sao Paulo reach the Brazilian Cup final.
Sao Paulo are keen to hang on to the 24-year-old on a permanent basis and Denilson accepts that his long-term future is up in the air.
"There is the possibility of maybe signing a four or five-year contract," Denilson told Estadao.
"My lawyer talked to Arsenal and they asked to wait to see what happens in the Brazilian Cup before talking again.
"Anything could happen. Sao Paulo are doing their best to keep me, but I prefer to focus on my work and think about that later."
He added: "There are two options - a permanent contract or extend the loan deal.
"If we advance to the Brazilian Cup final, Arsenal might extend the loan deal for two more weeks, and I will accept that decision as I want to play in the final.
"I have already done my part, showing my intention of remaining here [at Sao Paulo]."