The Gunners are close to signing the former Atletico Madrid player from Chinese club Dalian Yifang, this is according to a Spanish publication Sport.
The English side Arsenal are confident of signing Yannick Carrasco as the Gunners look to bolster their squad ahead of next season.
Having missed out on UEFA Champions League qualification, the club will be in contention for the Europa League as they seek glory in the second tier of European continental football for the third consecutive time.
It is no news that the Gunners will need to invest in their present team if they hope to match the superpowers of Liverpool and Manchester City in the coming season.
Having also lost two key players in Aaron Ramsey and Petr Cech, there is a need for replacement.
In that perspective, the Gunners have highlighted Carrasco as a player who is capable of taking them further.
The North London outfit were reportedly interested in signing the player last January. However, the deal never materialised and they had to settle for Denis Suarez who joined on loan from Spanish giant Barcelona.
Carrasco has previously spoken of his love for European football and that he needs to be around his family more often. It remains to be seen if the Chinese club will let him leave as negotiations between both clubs continue.