The Gunners have been heavily linked with a move for Fiorentina star Dusan Vlahovic but the Serie A side are holding out for close to €70m for the Serbian international.
Fiorentina’s strong stance on Vlahovic could block a possible move before the transfer window closes, with de Tomas rated as a cut price option as per reports from Mundo Deportivo.
The former Real Madrid striker is rated at €35m by Espanyol, after a strong season in Catalonia, on the back of netting 23 league goals in their promotion campaign in 2020/21.
De Tomas is contracted to Espanyol until 2026, with a release clause of €70m, but they could be tempted into a sale, if the Spain international wants to avoid a relegation scrap.
Mikel Arteta is yet to make signing during the winter window but he is in line to strengthen his squad options ahead of the second half of the season.