The Gunners have been linked with the Croatian international in the past six months by Italian website Calciomercato as a potential successor for Petr Cech, but their interest in the player seems to have cooled over the summer.
The Arsenal number one currently has two years left on his contract at the Emirates, and he will be 37 once his deal comes to an end. Subasic is however already 32, and would certainly only be a short term fix if the keeper was being considered.
It is likely the Croatian was only a candidate to replace David Ospina if the Colombian had chosen to leave the Gunners this summer. Manager Arsene Wenger was believed to be keen to offer Cech some competition in goal this season, and the Evening Standard reported that Jordan Pickford was seriously considered, but the 23 year old made the switch to Everton this summer instead.