The 16-year-old has impressed Arsenal scouts and have been on Wenger’s radar since January.
Saranova is currently under contract on a amateur basis and could leave the club in the summer when he can sign professional terms.
“Some scouts have been at matches of the junior team but nobody has spoken to us about Pablo Saranova,” an Espanyol source told Sky Sports.
“The kid has the spirit of Espanyol and we are optimistic that he will stay with us,” added the source.
