Carrasco, 25, began his professional career with AS Monaco, but it was at Atletico Madrid where he shot to prominence, emerging as one of the most sought-after young attackers in Europe.
The 25-year-old has been heavily linked with the Gunners on a number of occasions in the past and almost made the move to the Premier League in January.
Carrasco is still so young at just 25, and it always felt unusual for him to move to China with his career ahead of him, so a return to Europe is a good sign.
And it seems Dalian Yifang winger Carrasco could be the first man through the door this summer.
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He was recruited to Gainesville by Ron Zook and played three seasons under Urban Meyer after Zook was sacked . He played under former Gators head coach Urban Meyer and served as a team captain during his senior campaign.
From a footballing point of view, Arsenal fans will be glad to see the back of the 2018/19 season - so it's time to look ahead at the summer transfers that could be made to prepare for the new campaign. "I am aware that I am an important player for the team but I hope they let me leave".
The Belgium worldwide has previously reiterated his desire to move to the Premier League.
"The Premier League is more physical, but there are also a lot of spaces to run into".
For Arsenal, the Belgian would be an exciting signing. After a fifth-place finish and the Europa League final loss, Arsenal need to perform better in 2019/20.