The Mexican left Arsene Wenger's men in 2011 for £2.5m after struggling for opportunities in North London.
But due to a re-sign clause, Vela could be bought back for the Gunners for less than a million more.
And what's more, the 25-year-old also revealed that there are other clubs sniffing around to acquire his services... though they would have to pay his release clause, which is close to £25m.
'One possibility is my clause of €30million (£24.6m), but there's other options and we're looking at that, to see what we can and can't do,' Vela toldRadio Marca.
'Arsenal can come back for me at €4million (£3.3m) at any time, which is €1million more than Real Sociedad paid. I look at things differently these days and I won't close the door on Arsenal, or any team in England. I think I'm better prepared to play in another country now.'
Vela has been in fine form since moving to La Liga, scoring 45 goals in all competitions for the Basque side in 120 appearances.
And he admitted that a scenario in which he stayed at Sociedad wouldn't be the end of the world for his career.
Vela was signed by Arsenal back in 2005 after impressing in Mexico's tournament-winning side at the FIFA Under 17 World Cup.
His fee rose to £550k, and many tipped the 5'10" schemer to be a Premier League hit.
Vela often got the Emirates crowd off their feet with dazzling skills and sublime chipped finishes, but loan moves to Salamanca, Osasuna and West Brom proved he was never quite going to make the grade early on in his career.
A switch now could be the perfect time for both club, and player.
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