The highly-respected football official, who worked with Emirates boss Unai Emery at Sevilla, is on the North London club’s list in their search for a new technical director.
Monchi, 50, whose deal runs at Roma until 2020, said: “I know my name is being associated with Arsenal but I am concentrating on my job with Roma.
“However it is a pleasure being linked with a club like Arsenal – but it is not first time that happens”.
Monchi spent 17 years at Sevilla after retiring as a player there, helping the club win 11 trophies.
He spotted players such as Sergio Ramos, Jesus Navas and Jose Antonio Reyes.
Full name Ramon Rodriguez Verdejo, he remains close friends with Emery.
During 2014, when at Sevilla, Monchi lived in London during the week before returning to southern Spain at the weekend.
As Roma chairman Jim Pallotta lives in Boston, United States, Monchi has day-to-day running of the Serie A giants.
Arsenal are looking for a sporting director as Sven Mislintat, in charge of scouting, is leaving.
The 46-year-old transfer guru joined the club in December 2017, but he has quit after a number of fall-outs.
Mislintat is credited with bringing previously unknown duo Lucas Torreira and Matteo Guendouzi to the Gunners last summer.
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