Which time?

1. the one where Flamini left in 2008 because we made a mistake not to offer him a good enough contract early?
2. the one where Flamini returned last season, pointed and shouted a bit and landed a 3 year contract on fan hype that the club is now regretting?

Coquelin's played a handful of games and could easily become the poor performer that didn't impress at Charlton or in the Bundesliga last season. I wouldn't offer him a contract right now, I'd wait until the end of the season. I doubt a better club than Arsenal will offer him a contract, and whether he stays or leaves, we should get Schneiderlin anyway.