Manager Arsene Wenger is reportedly looking for alternatives to German defender Per Mertesacker and has identified the Argentine as a suitable replacement.
It is thought he would cost as little at £13million, a relative bargain given his overall quality and the experience he has on both the domestic and international stage.
The defender himself may even push for the move to the Premier League, with The Telegraph claiming that he is keen to make a move to a higher profile league so as to increase his chances of becoming a regular in the Argentina set up.
A sensible signing
It has often been thought that Arsenal need another centre back if they truly harbour any desires to be Premier League champions once again, with the position having proved a particular weak spot for several years.
They did however sign Brazilian Gabriel from Villareal in the January transfer market, with his performances suggesting they may have found a solution to their problems.
However, a move for Garay would make sense, as beyond Laurent Koscielny, there are very few options for Wenger to choose from, with young Englishman Calum Chambers looking more suited to a right-back spot, and Mertesacker never truly looking solid enough to be in a title winning side.
That might make a move for the Argentine all the more likely then, with the rumoured asking price certainly a tempting one for the Gunners.