The Dalian Yifang star was heavily tracked by the Gunners back in January before talk of a transfer went quiet.
But Carrasco now admits he is once again ready to leave China and return to Europe.
The Belgian winger has revealed one club in particular is chasing him – but refused to say if it is Unai Emery’s Arsenal.
“I want to go back to Europe,” Carrasco told Sky Sports.
“One team is interested in me but I can’t say which one and in which league.
“But hopefully my team in China can help me come back to Europe.”
The Gunners will be on the lookout for some new attacking outlets after losing Aaron Ramsey, Danny Welbeck and loanee Denis Suarez in recent weeks.
Carrasco showcased his talent when plying his trade for Atletico Madrid before securing a mega-money switch to the Chinese Super League.
The 25-year-old has spent little over a year at the Asian outfit but has now revealed his desire to leave on multiple occasions.
Speaking earlier this year, he told the Sun: “There was interest from Arsenal and I had a lot of teams in January giving me the chance to go back to Europe, but here the president said it was difficult to go then.
“Maybe this summer it is possible.
“If it is a good thing and I want to go, maybe I can speak with the president.
Carrasco has also weighed in on the future of his national team co-star Eden Hazard.
The Chelsea winger is expected to join Real Madrid in the coming weeks.
And Carrasco has backed his confidant to succeed at the La Liga giants.
“He’s one of the best players in the world and can go anywhere and do well,” he added.
“If he went there [Real Madrid] he could be an important player for them just as he has been for Chelsea and Belgium.”
Arsenal and Chelsea both battled it out last week as the latter won the Europa League in Baku.
Hazard netted twice in the clash to end the Gunners’ hopes of qualifying for the Champions League.