The 19-year-old, who arrived from Barcelona's acclaimed youth ranks in 2005, has been capped by Spain at U17, U19, U20 and U21 level, but has so far made just two Premier League outings for Arsene Wenger's outfit.
The diminutive playmaker, who has been tipped to one day succeed current Gunners' skipper Cesc Fabregas at the North London club, has previously spent a loan spell in Spain with Real Sociedad, where he made 14 appearances.
But despite the youngster recently revealing that he would like to stay and progress in London, he is now expected to depart and continue his development with Levante, and help the side's bid to win promotion from the Segunda Division.
"This player could be very important for us after the exit of Alex Geijo," said sporting director Manuel Salvador.
"We have fought for his services because Arsenal have received many offers this summer," he said.
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