The Belgium international has made no secret of his desire to return to European football.
He has only spent a little over a year in Asia, but the 25-year-old is ready to cut short an adventure at Dalian Yifang.
A move to Emirates Stadium was mooted in January, with speculation regarding a switch to north London now carrying over into the summer.
Carrasco has stopped short of naming Arsenal as his most likely destination in the next window, but concedes that he is closing in on an agreement that will suit all parties.
“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.”
Carrasco is unlikely to be the only Belgian star on the move over the coming weeks.
Several of his international colleagues are also being linked with high-profile switches.
It is, however, Eden Hazard who is generating the most headlines, with the Chelsea talisman set to bring a seven-year spell in the Premier League to a close by sealing a big-money transfer to La Liga giants Real Madrid.
Carrasco said of a fellow countryman: “He's one of the best players in the world and can go anywhere and do well.
“If he went there [Real Madrid], he could be an important player for them just as he has been for Chelsea and Belgium.”