Gorka Iraizoz's future at Athletic Bilbao is in doubt after he rejected the offer of a new contract.
The goalkeeper's current contract expires next summer, and it has been suggested that Arsenal are monitoring his situation.
It is believed Bilbao have offered the 29-year-old a three-year contract but have not increased the wages of his current terms.
The player's agent, Antxon Mujica, said: "Gorka is calm because he knows how the world of football works. You cannot rule anything out."
Iraizoz joined Bilbao from Espanyol in 2007 and has impressed since the switch.