Atletico Madrid are refusing to sell the defender unless his £56 million release clause is met however.
Atletico Madrid's Jose Maria Gimenez celebrates his goal
The Gunners are in the midst of a defensive crisis at this moment in time, with Per Mertesacker and Gabriel Paulista both picking up injuries in pre-season.
That has forced Arsene Wenger into using young defender Rob Holding in the centre of defence, a situation that is less than ideal.
Arsenal's Rob Holding dejected after the match
A new signing is desperately needed, with Valencia’s Shkodran Mustasfi appearing to be the man they are targeting.
However, it transpires they have already made a move for another La Liga centre back, Atletico Madrid star Jose Gimenez.
According to the Mirror, they contact the defender twice last week and offered him a significant improvement on his current wage packet.
Barcelona's Luis Suarez and Atletico Madrid's Jose Maria Gimenez in action during match.
Unfortunately for them, a move is not going to happen as Diego Simeone’s side are refusing to sell the player.
The newspaper is reporting that they will not sanction a sale unless the player’s minimum fee release clause of £56 million is met, a price Arsenal are presumably not going to pay.
Atletico Madrid's Jose Maria Gimenez looks dejected at the end of the match