The Gunners are currently in the midst of a mini injury crisis, which has robbed manager Arsene Wenger of a number of his attacking stars, including talismanic Chile international Alexis Sanchez.
And reports claim that the London club are ready to react to this with a move for Navas.
The Spaniard followed Manuel Pellegrini to the Etihad Stadium from La Liga in 2013, and despite showing flashes of brilliance through his time in Manchester, he’s largely failed to hold down a spot in his manager’s first XI.
It’s understood that the 30-year-old winger himself may be open to the move, with the opportunity to work under Wenger thought to be tempting for the ex-Sevilla man.
Many players have moved between City and Arsenal in recent times, albeit the majority have travelled from the south to the north, such as Samir Nasri, Emmanuel Adebayor and Gale Clichy.