Wouldn't surprise me at all. We rejected your (frankly derisory) £5m bid before, but Wenger and Arsenal are willing to let him go. Not just because of his contract status (and I've heard no suggestions he's being a rebel; more just that we haven't made any offers to renew it) but because we expected to sell him last summer. The right bid from the expected bidder never came, though.
£7m doesn't seem unrealistic, although as LadyArse pointed out - the inflation in the English market means that he's ridiculously undervalued. He is 25 and has one year left on his contract. He is a defender who has played over 180 times for his club, has won a league winners medal, has ten caps for his country and regular Champions League experience.
I'm not sure how genuine their interest is, though? I'd imagine they'd rather have Enrique for example but if they can get Clichy for <£10M, then it's a bargain really.