Mesut Ozil has offered to pay the salary of Gunnersaurus to avoid the mascot's layoff.
The decision has prompted an angry reaction among supporters and ex-players, especially as the decision emerged on the same day the Gunners paid Atletico Madrid £45 million to sign Thomas Partey.
Ozil is the club's highest earner on £350,000-a-week but while he refused to join his teammates in taking a salary reduction, he has now offered to cover the cost of reinstating Quy for the next year until his contract expires next summer.