The Colombia international joined the North London club from Nice in 2014, making 70 appearances in all competitions.
However, the 31-year-old has failed to usurp Petr Cech as the Gunners No1 shot-stopper and with the arrival of Germany international Bernd Leno, his chances of regular game time will be limited.
Sevilla and Napoli have also been linked with Ospina, who still has two years to run on his Arsenal contract.
