Arsene Wenger has admired the 31-year-old for several years and is keen to bring him to the Emirates stadium as he tries to bolster his squad.
Gunners would first think about a loan deal until the end of the season, with a view to a permanent deal depending on how he adjusts to the Premier League.
The former Valencia hitman has lacked first-team football under Tito Vilanova this season and has also been playing a bit-part role with the national side.
Arsenal returned to fifth place but struggled to maintain the top-four spots, which could force Wenger to bring in more reinforcements in January.
The North London club are linked with several top-class strikers across Europe like Klaas-Jan Huntelaar, Adrian Lopez and Edin Dzeko but the prolific Spaniard could fit in well with Arsenal's style of play.
Meanwhile, first-choice goalkeeper Wojciech Szczesny could be heading towards the exit door after a poor run of form. Sunderland stopper Simon Mignolet and Liverpool No. 1 have emerged likely replacements for the Poland international.