It was recently stated that the Gunners had lodged an opening £20million bid plus £3m in add-ons for the 27-year-old.
talkSPORT revealed on Friday how their offer was set to be knocked back by the Bees, who have been holding out for a fee nearer to £40m.
And it now appears that the two clubs are edging closer to an agreement with Aaron Ramsdale's back-up Matt Turner poised to depart the Emirates.
According to Italian reporter Fabrizio Romano, Arsenal have never been closer to the signing of Raya.
It has been claimed that the potential transfer could be wrapped up in the next '24/48 hours'.
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Raya is believed to have already agreed personal terms with the north London outfit having snubbed a switch to Bayern Munich.
Brentford have been keen to offload the Spaniard with the shot-stopper refusing to extend his stay beyond 2024.
Should he join Arsenal, he would become Mikel Arteta's fourth major acquisition this summer following the arrivals of Declan Rice, Jurrien Timber and Kai Havertz.
As one player looks to be heading to Arsenal, another is set to leave, as USA international Turner closes in on a switch to Nottingham Forest.
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talkSPORT revealed last month how the 29-year-old was in talks to join Steve Cooper's side.
And Romano has now declared that Turner has agreed personal terms with the Reds, with Forest and Arsenal reaching a verbal agreement over the transfer.
Turner only joined Arsenal from MLS outfit New England Revolution last year, where he featured in just seven games in all competitions - with none coming in the Premier League.
Arteta is keen to bring in a goalkeeper who can provide genuine competition for Ramsdale.
And with Arsenal now back in the Champions League, Arteta knows he must have a world class squad if he wishes to challenge for Europe's premier competition.