Paul Davis believes there is still a chance want-away Arsenal striker Robin van Persie may prolong his stay at the Emirates.
The Dutchman, who joined the Gunners from Feyenoord in 2004 for £2.75million, announced on Wednesday that he would not ink an extension to his contract with the club when it expires next summer, putting some of Europe's top clubs on red alert.
The 28-year-old - named both Players and Football Writers' Player of the Year last term after notching 30 Premier League goals - cited his desire to win trophies as the reason why he wants to depart north London, having not grasped silverware since the 2005 FA Cup.
But former Arsenal skipper Davis says the Rotterdam-born hitman may yet pen a new deal with Arsene Wenger's charges - if the club's hierarchy offer him a more tempting financial package.
"I believe that he is not signing at the moment, so let's see what Arsenal come back with," Davis, who made 447 league appearances for the Gunners between 1978-95, told Sky Sports News.
"I suspect that the club has not offered him the sort of money that a player of his type would expect. I imagine he would demand the going rate which, like it or not, is £200,000 per week, which is what the likes of Wayne Rooney and Samir Nasri earn (at their clubs).
"To be fair to van Persie, he has turned around and said: 'I'm not going to sign'. He is in such a good bargaining position and it's over to Arsenal now to see if they offer him a lot more."
Arsenal have reacted to van Persie's decision by announcing that they expect their skipper to "fulfil his commitments to the club", suggesting the Emirates clan may look to keep their premier striker for next season.
Davis, however, thinks it would be a "bad business move" to allow the Netherlands star to exit on a free transfer at the end of the 2012/13 campaign.
And the one-time midfielder is also intrigued to see how Gunners fans treat van Persie now that he has signalled his intention to head for pastures new.
"It would be a bad business move to let the contract run down," added Davis. "They could lose £20m and that wouldn't be wise.
"It is a big blow for Arsenal fans and I think they will be feeling it this morning, and it's going to be difficult for him coming back having made the statement.
"The fans are not happy with the situation and it will be interesting to see what the reactions are - but I'm sure when he plays he will give 100 per cent."
Click here for the views of former Arsenal stars Paul Merson, Alan Smith, Nigel Winterburn and Ray Parlour.