Valdes, 32, came through the ranks at Barcelona and went on to make over 600 appearances for the club, in both the first team and with the 'B' team. During his time with the Catalan giants, Valdes established himself as one of the top goalkeepers in Europe, becoming Barcelona's clear first choice goalkeeper despite some shaky moments at the beginning of his career.
The shot stopper was expected to stay at Barca until his retirement given how integral he was, as well as having been born in Catalunya. There was subsequently shock a year ago when Valdes announced that he would leave at the end of his contract in 2014, seeking new challenges abroad.
However, his plans were severely damaged when late in March, Valdes tore his anterior cruciate ligament in a game against Celta Vigo, leaving him sidelined until at least October. The front runners for his signature all along were Ligue 1 money bags Monaco, and it seemed that the Spanish international would be moving to the Stade Louis II on a free transfer this summer - only for them to cancel the deal this week after Valdes failed a medical.
That leaves Valdes on the scrap heap, as Barcelona moved to sign Marc-Andre Ter Stegen and Claudio Bravo to replace him. With the experienced goalkeeper still available on a free transfer, should Arsenal be considering a move to sign him?
It's been common knowledge that Arsenal are seeking another goalkeeper after Emiliano Viviano and Lukasz Fabianski both left the club, leaving Wojciech Szczesny as the only senior goalkeeper in the squad. The club shouldn't be spending too much on a second choice goalkeeper, and with vast experience and limited expectations on him until he recovers, Valdes could be the perfect stopper to push Szczesny.
Competition for places keeps players on their toes, and Szczesny hasn't had that of late. Valdes' wages may be expensive, but given that his career is currently up in the air, the Gunners could get a good deal if they pursue his signature.