Roca, 23, has established himself as a star player at the RCDE Stadium and was heavily linked with a move to Bayern Munich last summer.
However, Espanyol’s relegation this season means an exit is almost certain and he could be available for significantly less than his €40m release clause at the club.
A star at Under-21 level with Spain, it is widely thought that Roca will be a part of the senior national team in the coming years and he has started 33 league games for Espanyol this season.
Arsenal are said to have made an approach for the player while Milan are currently compiling information on the player before lodging a similar offer.
The central midfielder has only made 123 first-team appearances for the Catalan club but has been widely praised for his technical ability, positional sense and leadership qualities.
Roca has a deal at Espanyol through to 2022 while in April Diario Sport linked him with a move to Arsenal this summer should Dani Ceballos move on.