The 25-year-old is reportedly keen to leave Super League side Dalian Yifang after struggling to settle in China following his shock move from Atletico Madrid in February 2018 but we couldn't meet his asking price during in the winter window.
Carrasco now plays for Dalian Yifang after leaving Atletico Madrid last February.
"There is now an offer on the table and the negotiations with my agent are progressing well", Carrasco said.
However, there are quite a few players that are on the exit door at the Emirates Stadium as Arsenal are planning an overhaul of superstars, confirming that seven players will be leaving the club already.
I'm the most important player in the club, but I hope the chairman understands me.
"From a family point of view, I would rather play in Europe and stay closer to my family".
On playing in the Premier League, Carrasco admitted there would be challenges he hadn't faced before.
Petr Cech has also left the club after retiring from football.
The north London side missed out on Champions League qualification after they lost 4-1 to Chelsea FC in the Europa League final last month.
Arsenal are thought to be on the lookout for a number of new signings this summer as they look to bounce back from their disappointing fifth-placed finish in the Premier League under Emery.
Arsenal boss Emery also has a decision to make with Mesut Ozil as he was out of favour for most of last season.