The report claims that the Black Eagles have entered talks with the Gunners over a transfer for the Colombian international keeper.
Besiktas have been closely linked with Ospina over the past season but both efforts last summer and back in January were not fruitful.
The Istanbul giants reportedly want to pay €3 million for the 27-year-old and negotiations are ongoing.
Arsenal are set to hold talks with Turkish side Besiktas over the next few days about the transfer of Ospina, according to reports in the Daily Star.
Besiktas president Fikret Orman recently that he wants Ospina at the club: “I do want Ospina and we are going to get a foreign keeper,” he said in a recent press conference.
The experienced keeper is reported to be unhappy with his role at Arsenal after struggling for playing time last season.
Ospina played a key role in Colombia reaching the semi-finals conceding just one goal in regulation time during the tournament.