The Gunners are in the market for a new back-up for David Raya as they prepare for the possible departure of Aaron Ramsdale.
Ajax are interested in Ramsdale and have reportedly had a loan bid rejected for the 26-year-old, with Arsenal preferring to offload him permanently.
Garcia, who featured in the Spain squad which won gold at the Olympics in Paris last week, has emerged as a possible target if Ramsdale goes. The 23-year-old made 18 appearances for Espanyol to help them win promotion from the Spanish second division last season.
Garcia is back training with Espanyol after the Olympics and a deal for him could prove difficult, though, as the LaLiga club are reluctant to let him go.
His current release clause stands at £21.4million clause but reports in Spain say that figure is due to increase to £25.7m on Thursday. It will reportedly rise again to £30m if he makes his senior debut for Spain.
As a result, Espanyol are relaxed about the situation despite Arsenal’s interest.
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“We congratulate him on his Olympic gold and as for his situation, the word is calm,” said Espanyol sporting director Fran Garagarza. “He is a very important asset for us.”
Arsenal earlier this summer showed an interest in their former goalkeeper Wojciech Szczesny and he is set to become a free agent after Juventus agreed to terminate his contract. The 34-year-old, who is one of the better-paid goalkeepers in Serie A, has most recently been linked with a move to Saudi Arabia.
If Ramsdale leaves, Arsenal will likely need to sign two goalkeepers this summer after Karl Hein, who was third-choice last season, left for LaLiga side Real Valladolid on loan.
The Gunners had a £50,000 bid for Wolves goalkeeper Dan Bentley rejected earlier this summer.
Arsenal have brought in Tommy Setford from Ajax for just under £1m, but the 18-year-old is expected to mainly play for the Under-21s while also training with the first-team.
The Gunners made Raya’s loan move from Brentford permanent for £27m at the start of the summer. Raya replaced Ramsdale as Arsenal No1 last season and believes they must be “perfect” to beat Manchester City to the title this season.
“[Manchester City] are so good and they are so experienced in this environment,” Raya told Sky Sports.
“Our second half of last season was nearly perfect but you have to be perfect to win the league, especially against Man City. We have to learn from everything, from every mistake and from the good things that we have done as well, to carry on and improve them. That is what we need to do. It has been a fantastic year but we have to - and I have to - make the next one better.”
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