The 33-year-old rocked the Gunners this summer by refusing to travel with the squad on their pre-season tour of the USA as he looks for a way out.
RMC Sport reports that Koscielny has reached an agreement with Ligue 1 outfit Rennes, but is yet to negotiate his exit with the Arsenal hierarchy.
The France international, who is also wanted by Bordeaux, has one year remaining on his contract in north London.
A deal is still far from done, though, as Koscielny is trying to free himself from the final year of his deal and must meet Arsenal's management to try to convince them to let him go.
The Premier League side are understood to want €10 million for their former captain’s signature.
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