In August, the now 28-year-old moved to the Emirates Stadium from Deportivo La Coruna for a fee believed to be in the region of £17million.
But the forward found his chances severely limited, with Perez starting just twice in the Premier League in 2016-17.
The former Dynamo Kiev frontman made nine starts in total, coming off the bench 12 times throughout the course of the season.
He suffered with a thigh injury in March but even when he returned to full fitness he failed to make a single matchday squad before being named on the bench for the FA Cup final win over Chelsea.
That means his last appearance came as a second-half substitute in the sixth-round win over non-league Lincoln on March 11.
Perez became Arsenal's fifth-most expensive signing when joining last summer but now his agent, Rodrigo Fernandez Lovelle, has revealed he already wishes to leave.
"The idea is to be able to play for another club," he told Press Association Sport.
"We want to leave and Arsenal already know. Do you know anyone who is happy but has no opportunities?"
Manager Arsene Wenger's own future was clarified on Wednesday when it was announced he had signed a new two-year deal.
The Frenchman said last month, before committing himself to the club, that if he did stay he was keen to keep Perez on board.
"If I am the manager I would love to keep him but we have to sit down and see if he has a realistic chance to play," he said.
"He's a top quality striker but I couldn't give him the games he wants and deserves, I confess that. I feel a bit sorry for him."
A swift return to Deportivo could be on the cards, while Lovelle suggested a loan move would also be agreeable if Arsenal were happy to facilitate.
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