The 23-year-old was plying his trade in the second tier of Spanish football during the 2023-24 season, keeping eight clean sheets from 14 appearances in La Liga 2.
Following Espanyol's return to the top table of the Spanish club game, Garcia has been gracing the pitches of La Liga in the early stages of the term.
After defeats to Real Valladolid and Real Sociedad in the first two matches, the shot-stopper performed admirably to earn a shutout versus European heavyweights Atletico Madrid at Estadio Civitas Metropolitano on Wednesday night.
Garcia was on the spot to make seven saves against Diego Simeone's troops, with six of those Atletico attempts coming inside the 18-yard box.
Arsenal 'submit' bid for Garcia
According to transfer specialist Fabrizio Romano, Garcia could be heading out of La Liga before the conclusion of the summer transfer window on Friday.
The report states that Arsenal have submitted an initial bid for the services of the 23-year-old, who has never played professional club football outside of Spain.
It is understood that the Gunners have proposed an offer of €20m (£16.8m) for the signature of Garcia, with Espanyol yet to formally respond to the advances of the Premier League outfit.
However, it is believed that the Spanish side ideally want any potential suitors to meet the goalkeeper's €30m (£25.2m) release clause this summer.
With the two clubs locked in negotiations over a transfer fee, Garcia has supposedly already agreed personal terms with Mikel Arteta's side.
Would Garcia be a good Ramsdale replacement?
Arsenal's move to sign Espanyol shot-stopper Garcia comes in light of an imminent exit from the goalkeeping union at the Emirates Stadium.
After falling down the pecking order in North London, Aaron Ramsdale is expected to transfer permanently to Premier League newcomers Southampton.
It is believed that the Gunners and the Saints have agreed on an initial £18m fee for the 'keeper, with an extra £7m potentially coming Arsenal's way in the form of performance-related add-ons.
With David Raya the undisputed first choice for Arteta, Garcia would be a capable deputy who fits the bill of having potential and possessing the ability to play out comfortably from the back.