The ball-winning Argentine joined Betis in the summer from Club America of Mexico, which hold a 25 per cent sell-on clause in the deal.
He joined Betis for a fee of €3m and his contract to 2024 carries a €80m buyout clause.
Arsenal see Rodriguez as an alternative to Thomas Partey, who has been plagued by fitness problems since his October move from Atletico Madrid. And it's suggested Real Betis will struggle to resist any serious offer from the Gunners for Rodriguez this summer given their financial situation.
Rodriguez, 26, spent four years in Liga MX, with Tijuana and America, before making the move to Europe at Real Betis last year. He now boasts ten caps with Argentina.
- updated March 23