The Spaniard, who saw his spell with Granada cut short, will spend the remainder of the campaign in Scotland, where he will hope to build upon successful loan spells at Brentford and Birmingham City.
The youngster, who regularly plays for Arsenal’s U23 side, made his senior debut for Algeria against Lesotho in September.
Bennacer’s absence means that he is set to miss several U23 games for Arsenal, including the fixtures away to Southampton and at home to Chelsea.
New Arsenal signing Cohen Bramall has been allocated the number 85 shirt following his move from Hednesford Town.
The left-back is unlikely to feature for the first-team this season and is instead set to play for the U23s. Bramall could make his debut for the second-string against Southampon away next week.
The midfielder barely featured during his time in Spain and is set to head to Rangers for the rest of the season, where he will be re-united with Mark Warburton, who coached him at Brentford in the 2014-15 campaign.
Meanwhile, Arsenal have confirmed that Dan Crowley has joined Dutch side Go Ahead Eagles on loan for the rest of the season. Crowley had a frustrating spell with Oxford United earlier in the campaign.
The young Gunners took the lead through Joe Willock’s penalty in the 59th minute but an own goal from Kostas Pileas saw Brighton equalise in the closing stages.
The visitors then took all three points after David Ajiboye’s strike got the better of Arsenal goalkeeper Alex Crean.
Despite the defeat there were some positives for Arsenal, with Yassin Fortune playing 45 minutes on his return from injury and Charlie Gilmour making his first appearance of the season as he completed just over an hour.
However, Nathan Tormey, another player who has had injury problems this season, had to be substituted himself just 13 minutes after coming on as he suffered another setback.
Arsenal: Crean; Osei-Tutu, Ballard, Medley, Pileas; Gilmour, J. Willock; Tella, Coyle, Fortune; Malen.
Subs: Tormey (for Fortune, 46), Omole (for Gilmour, 64), Beckford (for Tormey, 77). Not used: Virginia, Thompson.
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.