Along with midfielder Mohamed Elneny, the 27-year-old was told by Unai Emery that he was allowed to leave the club during the summer.
But prior to Arsenal’s 2-2 draw with Watford, the head coach revealed that Mustafi could still have a future in north London.
The defender enjoyed his first competitive minutes of this season, playing the full match in their 3-0 Europa League win over Eintracht Frankfurt.
“I’ve never been someone who begins a war when something doesn’t work out,” he said.
“I always said: If it is possible, I am open to take the next step. If not, I keep playing my football.
“My father, who is my agent, spoke to the club. I am an Arsenal player and have still got two years on my contract.
“The manager said he sees me the same way he sees every player in the team. That’s why I played today and that’s it.
“We are going to see what the future holds.”