After leaving Roma earlier this month, Monchi had been linked with a move to the Gunners as a replacement for Sven Mislintat.
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Sevilla have announced the return of sporting director Monchi to the Spanish club after his two-year spell at Roma ended earlier this month.
Sevilla's chances of qualifying for next season's Champions League were further harmed when they suffered a 2-1 defeat at Huesca.
Lionel Messi scored a hat trick as Barcelona won 4-2 against Sevilla at the Ramon Sanchez-Pizjuan Stadium to go 10 points clear at the top.
With Sevilla's grip on a UCL place slipping, Barca's visit comes at the worst time. It couldn't be at a better place though: Ramon Sanchez Pizjuan.
Five-times Europa League winners Sevilla advanced to the last 16 of the competition with a 2-0 home win over Lazio on Wednesday, with a goal in each
Sevilla rallied to snatch a 2-2 draw at home to Eibar on Sunday, having been two goals behind, down to 10 men and facing a third consecutive defeat
Philippe Coutinho struck twice as Barcelona mounted a comeback to thrash Sevilla 6-1 and sweep into the Copa del Rey semi-finals 6-3 on aggregate on
Philippe Coutinho struck twice as Barcelona mounted a comeback to thrash Sevilla 6-1 and sweep into the Copa del Rey semifinals 6-3 on aggregate.
Sevilla roared back to life from a slump in La Liga by thrashing Levante 5-0 at home on Saturday, scoring all their goals in the second half.
La Liga club want to add Martial to their squad to boost Champions League qualification hopes.
Sevilla produced a brilliant second-half display to beat Barcelona 2-0 in their Copa del Rey quarterfinal, first leg on Wednesday.
Real Madrid beat Sevilla 2-0 at the Bernabeu on Saturday to go three points clear above them in third place in La Liga.
Sevilla had expressed an interest in acquiring the Spain international, who is also a reported target of Atletico Madrid and Barcelona.
Sevilla's hopes of staying in the La Liga title race faded further with a 2-0 defeat on Sunday at struggling Athletic Bilbao.
Munir, 23, was out of contract in the summer and could have left Barca for free at the end of the season with no compensation for the club.
Alvaro Morata's agent has travelled to London on Wednesday to meet with Chelsea officials and discuss a potential January loan move away.
A stunning free kick goal from Antoine Griezmann earned Atletico Madrid a 1-1 draw against Sevilla in an entertaining game on Sunday.
Wissam Ben Yedder scored in stoppage time to snatch a 1-1 draw for 10-man Sevilla at Leganes in La Liga on Sunday.
Sevilla wanted to replace Wissam Ben Yedder and Pablo Sarabia last summer. Now the pair have powered the Andalusian club to second in La Liga.
Sevilla overcame a dangerous Girona side to win 2-0 at home in an entertaining game on Sunday, climbing up to second place in La Liga.
Mouctar Diakhaby's stoppage=time header earned Valencia a 1-1 draw against Sevilla and prevented the Andalusians from moving provisionally top.