The 23-year-old has made 55 league appearances for the Gunners since joining the Emirates Stadium outfit in 2008, and was left out of France's World Cup squad this summer after making 34 appearances for Arsene Wenger's side last season.
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Deschamps, 41, has claimed that Nasri didn't want to leave Marseille in 2008 after enjoying a successful season at Stade Velodrome, but the club's economic frailties forced his departure.
And when questioned on whether he'd like to see Nasri return, Deschamps told L'Equipe: "Why not? But I think he is doing well exactly where he is.
"He did not want to move to Arsenal. He had just had a very good season.
"When he left, there was an economic need. And when these players go to clubs like Arsenal, we can no longer fight."
Deschamps also revealed that he is keen to retain the services of highly rated Nigerian defender Taye Taiwo.
"I do not want him to leave. He is in demand because he has quality, but for the moment, I do not intend to seek a replacement because I do not want him to go.
"But we'll be sure to find the best solution for the player and the club."
By Saad Noor
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