The 25-year-old, who currently plays for Ligue 1 side Nice, has reportedly been sounded out by Gunners boss Arsene Wenger as a potential back-up for Wojciech Szczesny.
Here are five facts about the Colombian.
1) In 2008, Ospina replaced a certain Hugo Lloris as Nice's first-choice goalkeeper - at the tender age of 19. Lloris had moved to Lyon at the time, having since gone on to play for Arsenal's bitter north London rivals Tottenham.
2) Ospina has been at Nice ever since, establishing himself as the club's no.1 and particularly impressing with his quick reflexes. The Colombian is not blessed with enormous height - standing at 6 foot tall - and so uses his acrobatic ability to fend off danger. Last season, Nice kept 13 clean sheets, the seventh-best defensive record in Ligue 1 - no doubt down to Ospina's ability in goal.
3) The reported Arsenal target had moved to France aged just 19 - but, at 17, Ospina had already won the Colombian league as a first-choice shot stopper. Atletico Nacional was where he plied his trade and where he produced the form that earned him a move to Europe.
4) Ospina is equally experienced at international level, becoming Colombia's second-youngest ever starting goalkeeper at the age of 20. He has gone on to amass a host of caps since and will feature at this summer's World Cup.
5) Things could have been different for the 25-year-old, however, as Ospina almost moved to Turkey in 2012. Besiktas had entered into negotiations to sign the goalkeeper from Nice but the Ligue 1 side pulled the plug on the transfer due to their inability to meet their financial demands.
Should Arsenal complete a move for Ospina, then, the goalkeeper will likely provide solid competition for Szczesny.