The Gunners chief executive Ivan Gazidis met Herrera’s agents in London on Wednesday, according to The Sun.
Arsenal have had him watched by scouts twice in recent weeks and could be keen to bring him in as a replacement for Cesc Fabregas should he leave this summer.
Zaragoza president Agapito Iglesias said: “The interest in Herrera is true. If Arsenal want the kid they must pay his true value in the transfer market.”