The Belgium international has struggled to settle at Dalian Yifang since joining the Chinese Super League outfit from Atletico Madrid in February 2018.
Carrasco has been heavily linked with a move to the Emirates and revealed to Belgian outlet Nieuwsblad that progress has been made towards his return to Europe.
“There is now an offer on the table and the negotiations with my agent are progressing well,” said the 25-year-old.
"I'm the most important player in the club, but I hope the chairman understands me.
“From a family point of view, I would rather play in Europe and stay closer to my family. The adjustment for my family was also difficult over there.
"I have become a lot more mature and have learned a lot. Also on the field, where I had to take my responsibility and the team had to bear. But my wish now is to return."
Carrasco has previously spoken of his desire to play in the Premier League, saying last month that “England would suit me”.
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