Joan Garcia was left gutted after Espanyol rejected a bid from Arsenal last summer, according to sporting director Fran Garagarza.
The Gunners were heavily linked with a move for him last summer, but a deal never materialised, with Neto instead arriving on a season-long loan from Bournemouth.
As he is set to return to the south coast, the club need to find a permanent replacement for Aaron Ramsdale.
Garcia appears to be the No. 1 choice, but his impressive individual season has attracted interest from several other clubs.
In addition to Arsenal, Aston Villa, Newcastle United, Manchester United, Real Madrid and Barcelona have all been credited with an interest.
While a move to north London is yet to materialise, Garagarza gave insight into Garcia's reaction when Espanyol rejected Arsenal's proposal the first time around.
"It was with La Liga just underway and three days away from the deadline," Garagarza told Cadena Ser (via Mundo Deportivo).
"The look on his face during that conversation almost made me feel sorry for him.
"I saw him as if he were my son. He was told the time would come, and it will.
"There are certain amounts that teams interested in him have to accept, and that’s going to have to be the case given his level.
"There will be many clubs considering doing so. This is going to take a long time. It’s going to be the clause. But the argument is very simple: the player’s value.
"The player is worth it. If he had a higher clause, he’d also have that value. If we look at the transfers that have taken place with goalkeepers of our level, they’ve paid that much and more.
"We don’t have to consider things other than that. It’s not asking for more than he’s worth, but the opposite. For me, the kid has exceptional value."
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Arsenal Manager Mikel Arteta, Bukayo Saka, Martin Odegaard and Gabriel Jesus with the Arsenal Therapy Dog Win during the Arsenal Men's team group shoot at London Colney on September 18, 2023
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