The Frenchman rejoined the Gunners in the summer after being released by AC Milan at the end of last season, five years after initially leaving the Emirates Stadium.
Having already made one U-turn in his career, Flamini feels that it is still possible for him to move back to the Stade Velodrome.
"You should never say never," said Flamini. "I did my apprenticeship there. Of course it's the club of my heart.
"I've always stayed close to it, because I'm in contact with Jose Anigo, someone who knows me very well. But there's never been anything concrete in terms of a potential return up to now.
"Having said that, I've got some good years still ahead of me."
Flamini started his career at Marseille before moving to Arsenal in 2004.