The 33-year-old is currently a free agent after being released by Crystal Palace over the summer, one year after his second stint with the Gunners had come to an end.
The Frenchman, who won a Serie A title with AC Milan in 2010-11, has been linked with a return to Italy with Sampdoria or Hellas Verona but is adamant that he will take his time before making a decision on his future.
"Every morning, I am still waking up and I am 100% committed to football. But, at the moment, I am waiting for the right opportunity," he told The Sun. "I've been fortunate enough to have received many offers from this country and Europe but I want the right project.
"The situation is straight-forward. It is not about just the club but a project, something that can stimulate me. To me, the project is more important. I want the opportunity to challenge myself again. I have been playing for many years and still feel young.
"Normally, I would be back with my club in the first week of July. It has been nice to have a longer break but since football is still my passion, I am missing the competition. I am missing the feeling of being part of a team. I am a professional footballer. I need to get my energy out so, of course, I want to return to playing.
"I am keeping myself very fit. I have been training every day for the last six weeks. Obviously, the time without playing is starting to get a bit long but it is not uncommon for a professional footballer to be sidelined with injury and train alone.
"After playing for 15 years - and having been involved in the Champions League through my career - I know what it takes to remain at the top. You cannot last for so long at the elite level if you don't take care of yourself."
As well as the Italian title, Flamini's trophy cabinet also features two FA Cups, one Community Shield and a Champions League runners-up medal from his time with the Gunners.