According to most outlets Flamini signed a two year contract last year and so should be reaching the end of it this summer. Can't see Wenger renewing it either.
http://www.goal.com/en-gb/news/2892/...r-arsenal-deal
Though I agree with everything else you've said about Coq. There's absolutely no need to rush here and offer him an inflated contract atm. Not that I know much about his character but you have to factor the potential of the the "Adebayor effect" and him exerting a lot more effort then he normally would because he wants a new deal. Best to keep him on his toes tbh.
Wait till close to the end of the season and then offer him a new and improved deal provided his performances don't tail off dramatically. No one better is going to come in for him with guaranteed first team football and unless he wants to take it safe and be first choice at a mid table club like Stoke or Newcastle, he's going to sign.