The talented midfielder is currently on a season long loan with Granada, but has been restricted to just six appearances so far, and, at the age of 21, is at the stage of his development where playing regularly is a necessity.
Wenger told Arsenal.com: “We work on it to see if it is possible, yes.
“Because he has played games there [for Granada] but at the moment he doesn’t play and personally I think it would be a good transition for him.”
Toral had a successful loan spell with Brentford two seasons ago under current Rangers manager Mark Warburton.
Warburton, meanwhile, took Gedion Zelalem on loan from Arsenal last season but the midfielder wasn’t always a regular in the starting line up.
Toral impressed on loan at Birmingham City last campaign but has yet to make a competitive first-team appearance for Arsenal.