In an interview with L'Equipe, Bacary Sagna has offered some clarity to his situation. Yes, there are other teams he would play for. No, he hasn't moved back to France yet. Yes, he'd be okay staying at Arsenal. The relevant quotes, from the Guardian:
It [returning to France] is possible. We would have to see in which conditions and, in sporting terms, what they propose. I won't go just anywhere.
If I stay at Arsenal, I will try to have a good season – there's the World Cup at the end of it. If I am to leave, it will be a new challenge. There are talks [with Arsenal], but I still haven't extended my contract. I am talking, and I am not at a bad club either.
I wonder if the Not A Bad Club Club is as fun as the Top Club Club is.
Like I've said before, I'd really prefer to keep Sagna rather than selling him. I don't think Carl Jenkinson is quite ready to start 40 games a year, but I think in the near future he will be. Sagna had a bit of a down year, but that said he was still better than most of the right backs in the league. I like him a lot, and although he's 30 and had two bad injuries last season, I still think he has more to give. If we can get a fair price then I don't think it would be a disaster to move him, but I wouldn't celebrate.
But either way, this looks like a classic case of saying something that means nothing. Sure, I'll go to France! Sure, I'll stay here! If Arsene Wenger wants to keep him, he'll likely be able to do so. If not, then he'll be out the door. I really think that's the determining factor here, so we'll see which side wins out.