The Gunners are reportedly on the lookout for a new winger and have been frequently associated with Fraser in recent months. However, speculation has lessened of late, and Fraser told reporters it was more likely he'll remain on the south coast.
He said: "The likelihood is I will be at Bournemouth for another year. And what will happen, will happen. That is all I can really say about it. No one has really spoken to me about it."
The 25-year-old has one year left on his contract with the Cherries and could be susceptible to leave on a free transfer next summer if the club doesn't feel confident about agreeing an extension.
Journalist James Benge touched on the most recent gossip, but said that while the transfer is realistic, it won't be concluded in a hurry:
He reiterated the Gunners are at least monitoring the Scot:
Fraser was one of Bournemouth's best performers this past season, scoring seven goals and recording 14 assists as the Cherries ran to a 14th-place Premier League finish.
He played in all 38 of his side's league games last term and started in all but three of those. Nathan Ake (3,412) finished 2018-19 as the only Bournemouth player to rack up more Premier League minutes than Fraser (3,173).
Fraser's performances were enough to earn him end-of-season recognition from the Bournemouth fanbase and his team-mates:
He's capable on either flank but traditionally prefers the left side, where Arsenal will be in need of reinforcements after Danny Welbeck leaves the club this summer.
Gunners manager Unai Emery failed to bring in any new wide players during his first summer transfer window at the Emirates Stadium and instead concentrated more on defence and his midfield.
Six years have passed since Fraser joined Bournemouth from Aberdeen, and it appears as though he'll serve at least a seventh campaign in Cherries colours.