Vela joined Arsenal also a highly-rated youngster in 2005, having just won the Golden Boot at the U-17 World Cup which his Mexico side won.
However after seven years at the club, including four loan spells away from the Emirates, Vela was sold last summer to Spanish side Real Sociedad.
Arsenal included a £4m buy-back option in the deal to sell Vela to Sociedad though, and after his impressive performances for the Basque side this season could be ready to activate that clause.
Reports in Spain indicate that Vela has sufficiently convinced Gunners boss Arsene Wenger to bring him back to North London, although the player is thought to be keen on staying at his new club.
Having helped Sociedad to fourth spot in the Spanish league this season with Champions League football a realistic target, Vela may not want a return to Arsenal where he failed to find his feet.