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The Gunners have been claimed to be in search of new attacking players, especially with Henrikh Mkhytarian now injured while Aaron Ramsey closes in on an exit.
Rumours on Monday suggested that Arsenal were leading the chase to sing Carrasco, a player whom Atletico Madrid were reluctant to sell to Chinese side Dalian Yifang last year.
To add more encouragement to the developing transfer story, respected Italian outlet Calcio Mercato are claiming that the 25-year-old is willing to even lower his earnings in order to play for Unai Emery.
Carrasco is currently pocketing £170,000-a-week wages, but he is reported to be interested in taking a pay cut to move to the Emirates stadium where owner Stan Kroenke has not been keen on paying high wages.
The Belgium international would be a welcome addition for the Gunners, who have been relying on Alex Iwobi on the left flank of attack in recent games.