Toral signed from Barcelona's academy along with Hector Bellerin, but unlike the right-back, he has found it tough to break into the first team.
Jon Toral of Arsenal (L) in action with Andreas Christensen of Chelsea
He missed several months through injury three seasons ago, and has been on a series of loans since, one of which was under Rangers boss Mark Warburton at Brentford.
He has since been at Birmingham City and recently Spanish side Granada, before that deal was cut short to allow for him to sign for Rangers on loan.
If he impresses then there is a chance he could get a first team chance at Arsenal next season.
Nottingham Forest's Bojan Jokic in action with Birmingham City's Jon Toral
Francis Coquelin has become a first team regular after a successful loan spell at Charlton Athletic, and time is on Toral's side, especially with doubts over the future of key playmaker Mesut Ozil.
Yet his Rangers loan could be make or break, and he will need to show that he can at least be a key player in the Scottish Premiership, if Arsenal are to believe he can do it in the English Premier League.
Here is a look at how Arsenal fans reacted to news of his loan being confirmed...
@Arsenal are you kidding me? Two healthy midfielders and we loan out Toral?— Sully (@KrisSullivan72) January 12, 2017
Good luck to Jon Toral at Rangers. Hope he returns as a Coq.#AFC— Edwin Boham (@EdwinBoham) January 12, 2017
Toral is 21 and doesn't even play in the cup, Wenger doesn't seem to want him so either give him a chance or sell him— SC (@MedioXhaka) January 12, 2017
Flamini, Coquelin and ElNeny have played in our midfield. JON TORAL deserves a chance FFS— Sántï (@goonersanti) January 12, 2017