Luiz signed an initial one-year contract upon his arrival at tThe Emirates Stadium 12 months ago, including the option for a further 12 months.
But the Gunners are yet to exercise that automatic extension meaning Luiz currently set to become a free agent on June 30.
The 33-year-old recently revealed it was his dream to finish his career back at Benfica, and now he has revealed talks with the club president.
Speaking to Record in Portugal, the Arsenal defender said: "I already spoke with Vieira about the return."
The Gunners must make a decision on Luiz's future by June 23, however they do have the option to sign Flamengo loanee Pablo Mari on a permanent deal this summer and will also welcome William Saliba into the squad this summer.
But Luiz was keen to spell out that his desired return to Estádio da Luz would not necessarily come this summer.
"My dream is to end my career at Benfica," he added. "When, I don't know, but it will happen... it will, if President Vieira allows me and if the fans want me to come back. It will be one of the most beautiful moments of my career."