He wants to return to Deportivo La Coruna, who he joined the Gunners from last summer.
The La Liga side have offered £10.9m for his services and Lovelle thinks that is more than fair.
Arsenal paid £17m for the striker but things did not go to plan for him last term.
He featured sparingly and struggled to make an impact.
And Lovelle thinks Arsenal should accept Deportivo's offers.
He told Spanish paper La Voz de Galicia: "It's a very reasonable offer for a player that Arsenal have devalued.
"But they have turned down the offer.
"So far, they have said 'no' to everything.
"Recently there had been another [offer] of €10m [£9.1m] plus €2m [£1.8m] in variables that they didn't consider right and Depor then went up to €12m [£10.9m] without variables and again they rejected it.
"The offer of Deportivo of €12m is very much in line with the current market.
"Arsenal can not forget that of the €20m [£17m] they paid, Deportivo had to give 30 per cent to PAOK, so they only got €14m [£12.8m].
"And, previously, Deportivo had paid the Greek club €1.5m for 70 per cent [of his registration].
"By this I mean that with this proposal of €12m is disbursing everything he charged for Lucas.
"In a few days I'll go there again to see if we can unclog this.
"I say the usual. Arsenal does not concede, but we are running out of time.
"There is still time."
Earlier today Wenger insisted he would help Perez leave.
He explained: "There's a possibility [he could leave this month].
"I opened the door for him because I have many strikers.
"If he finds a good opportunity, I will help him."
