The 18-year-old, who is having a breakthrough season with the Gunners, is eligible to represent the Three Lions and the Super Eagles
Saka was born to Nigerian parents and has represented the youth teams of the Three Lions but has not featured for the senior side, which makes him still qualified to play for the Super Eagles.
The Winger has been in sensational form since breaking into the Gunners first team this season, scoring two goals and providing five assists in 15 appearances across all competitions.
The 18-year-old revealed he has not been approached by either Nigeria or England to pledge his allegiance.
“I am always thinking about it but I haven’t made a decision yet,” Saka told BBC Sport.
“No-one has been in touch but when I make a decision you will find out.”
Saka made his senior debut for the Gunners in 2018 and played in his first Premier League game against Fulham in January 2019 at the age of 17, becoming the first player born in 2001 to play in the English top-flight.
The winger has praised former manager Unai Emery for the opportunity he was afforded to progress into the senior team.
“I have a lot of thanks to give him because he gave me so much confidence, he gave me my debut and he kept pushing me. I am grateful to him always,” he added.
“It’s just something I have always dreamed of, coming up from the academy to the first team.”
Saka is looking to continue his development under the new Gunners boss and former Manchester City assistant manager Mikel Arteta.
“I have heard positive things about him and I am looking forward to working with him.”
Saka will hope to get a chance to feature when Arsenal take on Bournemouth in their next Premier League game on Boxing Day.