Arnaiz has a release clause of €20m but Sport claim this will rise to €40m in 2019 when he enters the final two years of his contract. Next summer will therefore be the best opportunity for the Gunners to sign the 22 year old.
The forward has performed well for Barcelona B in the Spanish second division this campaign having scored six goals and provided four assists in 20 games.
Arnaiz was promoted to the first team earlier this month by Valverde. He came on as a second half substitute to make his La Liga debut in the 3-0 win over Levante, replacing Sergi Roberto with five minutes to go.
It is believed that Barcelona will give the winger more game time if the Catalan club seal the La Liga title early. Those matches will essentially be an audition to see if he will make it at the Camp Nou. If he doesn’t, he will likely be sold.