The defender was loaned out to the La Liga club in August, although the deal doesn’t include a permanent purchase option.
Bellerin, who left the Barcelona academy to join Arsenal aged 16, has since made it clear he has no desire to return to the club, where substitute Takehiro Tomiyasu has impressed.
Since then, he has started 19 of 29 La Liga games this season under former Manchester City and West Ham manager Manuel Pellergrini.
Currently, Betis sit in fifth place, four points behind champions Atletico Madrid in the last Champions League spot.
Bellerin’s contract with Arsenal expires in the summer of 2023 and has already spoken of the emotional connection to Betis as his father is a supporter of the club.
Speaking to ABC Sevilla, sporting director Antonio Cordon revealed that Betis are waiting until the end of the season before addressing the subject of a permanent transfer.
“We are still not negotiating with Arsenal, and we haven’t talked about the future. We have to wait and see how we finish the season.