A report from 90 Min claims that the Gunners have already made contact with the 27-year-old Spanish goalkeeper and they will have to pay £40 million for him.
Arsenal have been quite active in the transfer market so far as they have signed the likes of Declan Rice, Kai Havertz and Jurrien Timber to improve their squad.
The Gunners will be competing in the UEFA Champions League next season and they need a deeper squad to do well across multiple competitions.
Although they have Aaron Ramsdale as the first-choice goalkeeper at the club they are looking to bring in more quality in that department, and they have identified Raya as a potential option.
The 27-year-old is likely to be tempted to join a Champions League-level club if the opportunity comes along and a move to Arsenal would be a step up in his career. He could compete with Ramsdale for the starting spot next season.
Apparently, German champions Bayern Munich and keeping tabs on the Spaniard as well and it remains to be seen whether Arsenal can get the deal done.
The report from 90 Min claims that the reported asking price could be problematic for the Gunners and it remains to be seen whether they can negotiate a more reasonable fee.
Raya has proven himself in the Premier League with Brentford and he could make an immediate impact at the north London club if the transfer goes through.