Super Deportereport that Arsenal consider De Tomas as a cheaper alternative to Gabriel Jesus and Victory Osimhen.
De Tomas has a release clause of £56m.
However, it is believed Espanyol would accept an offer in the region of £20m.
De Tomas came through Real Madrid's academy before finally leaving on a permanent deal to Benfica in 2019.
In the 2020/21 season, De Tomas fired in 23 league goals to help Espanyol win promotion back to La Liga.
He netted 17 goals last term to help the Barcelona-based club stay in the top-flight.
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