I think it was Arseblog that said it was expiring, or I might have seen it from someone on Twitter. I thought maybe he might have signed a year extension with the option of a further year or something. Transfermarkt.co.uk reckon it runs out in 2012, though.
Either way I think he'll be off this summer. Seems like he has some professional pride about him and I dont think he will settle for being a hanger on at Arsenal.