Arsenal forked out a mammoth club record £72m to sign Pepe from French Ligue 1 outfit Lille in the summer of 2019 but the Ivorian international has not had the impact many expected from him at the Emirates Stadium.
The 26-year-old has made most of his 18 appearances across all competitions from the bench this season.
His last Premier League start for the Gunners came way back in October, with the likes of Emile Smith Rowe, Bukayo Saka and Gabriel Martinelli all ahead of him in the pecking order.
Mikel Arteta's side have sustained their top for push making it difficult for Pepe to get back into the team.
Pepe continues to impress when it come to the national team however, as he scored against France in Ivory Coast's 2-1 defeat last week.
Pepe's contract at the Emirates Stadium expires in the summer of 2024 and he has given the strongest indication that he will reevaluate his future at the end of the season.
“I am focused on how well we do until the end of the season and the club's target, which is getting into the Champions League. Then we will see what happens,” Pepe told reporters ahead of Ivory Coast's friendly game against England on Tuesday.
He added: “It is an honour to play for Ivory Coast. The most important thing is to enjoy your football. That is something I am able to do when I get the chance to play.
“It is happening at international level and a bit less so at club level. It is frustrating not to play. No player enjoys not playing but I have to respect the coach’s decision.
“When a team is winning it is hard for a coach to make changes. Mikel has explained that to me and I know I have to work hard in training to get more playing time.
“The coach knows what I think and how hard I am working. It is also about communication. Sometimes it is not easy to communicate with the language barrier.
“It has been a tough season for me.”