The 26-year-old was an instrumental part of Brentford's success in their debut Premier League campaign, keeping eight clean sheets in 24 league appearances.
Thomas Frank's side struggled in the Spaniard's absence when he was forced off injured in the 2-1 defeat to Leicester City in October, with the Bees winning just three of the 14 games he missed.
Arsenal have been linked with a move for Raya in the past, and with interest said to be increasing ahead of the summer transfer window, Brentford have offered the shot stopper a new deal in West London, according to football.london.
Raya's impressive form in the 2021-22 season saw him earn his first call up to the Spain national team back in March, making his debut in a 2-1 win over Albania, and the goalkeeper is also part of Luis Enrique's squad for the upcoming international fixtures.
Following a £3m move to Brentford from Blackburn Rovers in the summer of 2019, Raya, whose current deal expires in June 2024, has gone on to make 122 appearances for the club during his three-year stay so far.