The 24-year-old said that a move to the Emirates Stadium would be "awesome", and he hopes that le Tef owner Olivier Sadran does not stand in his way.
"I still have two years on my contract and I'm a key player here," said M'Bengue.
"I have no clause or agreement to leave - but Arsenal is something you cannot turn down if everyone is okay.
"I hope [Olivier Sadran] won't block me if an interesting proposal comes up. Arsenal would be awesome."
M'Bengue has been with the French outfit since 2007.