The 29 year old has played just three times in cup competitions this season, and the player’s former club want to give the keeper game time so he can make Colombia’s World Cup squad.
Ospina came through the youth setup at Nacional and made 11 senior appearances for the Colombian club before leaving for Ligue One side Nice in 2008.
The club’s current first choice goalkeeper Franco Armani could return to his native Argentina to play for River Plate in January and Antena 2 report that Nacional’s primary target to replace him would be Ospina.
Whether Gunners boss Arsene Wenger would sanction a loan move, it remains to be seen. The Frenchman revealed in August that he had to convince the goalkeeper to stay in the summer after spending another season behind Petr Cech in the pecking order at Arsenal.