Monchi departed Roma last week after spending just under two years at the club.
The 50-year-old was part of a clear-out at the Italian capital that also saw head coach Eusebio Di Francesco lose his job.
Though he developed a reputation as a guru in the transfer market, Monchi's time at Roma did not quite live up to expectations.
Monchi built his reputation during his time at Sevilla, where he helped the club win five Europa Leagues and two Copas del Rey over 11 seasons.
It was that background that saw him linked with the technical director role at Arsenal, but Monchi has now hinted he could be in line for a return to Sevilla.
On Twitter Saturday, Monchi posted a picture that said: "The heart never forgets the place where it left its best beats"
Solo eso..... que a la vez es mucho— Monchi (@leonsfdo) March 16, 2019
Buen sábado!!! pic.twitter.com/6IbcBbLrC4
Monchi added the caption: "Just this...which at the same time is a lot. Happy Saturday!"
Arsenal manager Unai Emery is said to be keen on bringing Monchi to north London, after the pair worked together at Sevilla.
But the Andalusian side are now believed to be interested in having Monchi return, and the Spaniard appears to be keen on a reunion.