Yeah, it'll most likely be a two-tier conversation. First, they will re-state their ambition(s) as a club; their plans; the role RvP can play in the future; and try to convince RvP to stay at the club. It's a last-ditch effort, and also to see the player's mind-set, but they'll assume that he's already made up his mind to leave the club.
Then, Arsenal will probably turn the conversation into the terms and conditions they'd be willing to let him go - meaning the fee, and where they're willing to let him go to. They'll probably threaten that if those conditions aren't met that they'll be willing to let him go free next year.
It'll be interesting to see how this plays out. Money is money, but I just don't know if Arsenal will bend over again and let yet another one of their players go to Man City.