The 22-year-old was linked with the Gunners in the summer transfer window and has now stated there is "no doubt" he will move on should he receive an appealing offer.
"I am at Rennes at the moment so let's see what happens," said M'Vila, quoted on skysports.com.
"If the club receive a good offer and I like the destination then I will go, there is no doubt about that. Until that happens, nothing can be said."
M'Vila has won 22 caps for France but is currently banned from the national team until June 30, 2014 after he was part of a group of five France Under-21 players who broke a curfew to visit a Paris nightclub just days before a European Championship play-off meeting against Norway in October.
He served a previous one-match ban from Didier Deschamps' squad for refusing to shake the hand of Olivier Giroud when he was replaced by the Gunners striker during the senior European Championship clash with Spain.
While the two incidents inevitably raise questions over the player's temperament and level of discipline, the fact he will not be required to travel away on international duty could increase his appeal to prospective suitors, while he could also be registered for the Champions League.
M'Vila has made 131 senior appearances for Rennes over the past four seasons, including 14 during the current campaign, but has been absent since suffering a knee injury against Paris St Germain on November 17.
Manchester City, Tottenham and QPR have also been linked with the player, who is expected to command a fee in the region of £12m.