Sebastien Frey expects Arsenal to concur on a deal with Parma at the end of the season but the runaway Premiership leaders may face competition from Internazionale.
Arsenal have been long-term admirers of the French goalkeeper and are closing in on an agreement with his Italian club.
Frey admits he is likely to quit Ennio Tardini in the summer with Arsenal and Inter vying for his services.
Chelsea had previously been fans of Frey but switched their focus to Czech Republic international Petr Cech who will move to Stamford Bridge from Rennes for next season.
The Gunners are now favourites to land the 24-year-old but, having fended off Bayern Munich, may now have to fight Inter for Frey.
The talented shot-stopper endured a difficult spell with the Nerazzurri before joining Parma in 2001 and has not discounted the notion of returning to Giuseppe Meazza.
But Frey also acknowledged that he expects Arsenal to agree terms with Parma once Arsene Wenger's troops are out of the UEFA Champions League.
"It seems like I will leave Parma in the summer," Frey told skysports.com.
"Wenger has already called me and told me to wait for a little bit because they are concentrating on the Champions League.
"Then, they will close the deal.
"It seems Inter are also interested and the man who didn't want me there has left so there could be a return.
"To be considered one of the best in the whole world, I have to play in the Champions League. Next year…"
Frey's impressive form at club level has yet to reap significant international recognition and the keeper is baffled as to why he is not in Jacques Santini's plans.
He added: "I have no idea why I'm not in the national team. For some reason, nobody called me. When I know why, I will tell you.
"There was a time that to be called up for the French national team, you had to play abroad, in a stronger league. Now it is different. I understand nothing but I'm waiting."
Meanwhile, Arsenal youngster Nicky Nicolau has joined Southend United on loan for the rest of the season