The Spain goalkeeper is keen to move to the Emirates Stadium this summer after agreeing a long-term deal and has told Brentford of his desire to complete the transfer.
Arsenal are ready to begin club-to-club talks after Tottenham and Bayern Munich both walked away from potential deals over Brentford’s £40million asking price.
It remains unclear what a move for Raya would mean for current Gunners No1 Aaron Ramsdale.
Brentford believe the requested fee represents fair value when benchmarked against Manchester United’s £47.2m move for Andre Onana last month.
They are comfortable with the fact that the 27-year-old could leave on a free transfer next summer with just one year remaining on his current contract.
Brentford have already signed Dutch international Mark Flekken as a replacement for Raya, completing an £11m deal with German club Freiburg in May.
Raya will not renew his contract at Brentford and wants to leave to join a bigger club.
Source: Evening Standard