The Gunners were already in the market for a new centre-back, having previously been linked with Dean Housen and Marc Guehi.
However, Housen has since joined Real Madrid, and Guehi continues to be heavily linked with Liverpool.
Arsenal wants Mosquera
According to The Athletic, via Sportal, 20-year-old Mosquera, who has just one year remaining on his contract with Valencia, is now Arsenal's primary target.
Mikel Arteta views him as an ideal backup for William Saliba or Gabriel Magalhães, providing competition within the team.
Mosquera, a Spanish youth international, has already made 90 appearances for Valencia, including 41 in all competitions last season. RB Leipzig and Real Madrid are also reportedly interested in the defender.
Meanwhile, Arsenal have reached an agreement with Brentford for the transfer of Christian Nørgaard, who will arrive at the Emirates for a fee of £10 million, plus a potential £5 million in add-ons.
The London club is also expected to finalise the signing of Martin Zubimendi from Real Sociedad soon. The search for a new striker is also ongoing.