The 23-year-old came through the youth system at Espanyol and has since made 51 appearances for the Catalan outfit's first-team, scoring six goals in the process.
This season, the Spaniard has managed two goals and three assists in 33 appearances in all competitions, and Bayern Munich are thought to be admirers of his talent.
According to Sport, Arsenal have identified the midfielder as an ideal summer signing, although the Gunners might be forced to activate his €40m (£35m) release clause to complete a deal.
Espanyol are currently bottom of La Liga, six points from the safety of 17th position, although there is no guarantee that the 2019-20 campaign will be allowed to resume.
Everton have also recently been credited with an interest in the holding midfielder.