The Spain international, whose contract runs until 2028, remains Mikel Arteta's first-choice goalkeeper but has not ruled out returning to his homeland.
Since joining Arsenal from Brentford, the 31-year-old has established himself among the Premier League's most dependable goalkeepers.
“Yes, I would love to. I would love to try out La Liga. For now, I'm very happy here, but I would certainly like to experience the Spanish league,” Raya told Marca.
“I think it's a very competitive league,' he added. 'Perhaps, in the future, I could play for a Spanish club. I'm Spanish, and I'd love to play there, that's for sure.”
Raya has made 114 appearances across all competitions, recording 52 clean sheets and conceding 89 goals.
He played an instrumental role in Arsenal's Premier League and Community Shield triumphs last season.