Molina, part of Mikel Arteta's coaching staff, confirmed that Vinicius' name had been discussed by Arsenal when the Brazilian's future at Madrid was uncertain.
“Obviously I can't go beyond what is reality, but it was a name that was there on the table,” Molina told Radio MARCA when asked about Arsenal's interest.
Vinicius ultimately remained at Madrid, with the club improving his contract and extending his deal until 2032.
His departure had been considered a possibility after two seasons below the level he had produced in 2024, when Madrid won their most recent Champions League title.
However, Arsenal were the only club whose interest in the Brazilian had been publicly reported before Molina's comments.
Vinicius has since struggled to rediscover his best form under new Madrid manager Jose Mourinho, despite retaining the coach's confidence.
The forward has scored once and provided three assists in eight appearances this season, while his partnership with Kylian Mbappe has also attracted scrutiny.
Mourinho substituted Vinicius after 54 minutes during last Sunday's derby, replacing him with Yan Diomande as Madrid looked for a different attacking approach.
The latest start to the season has therefore raised fresh questions over whether Vinicius can return to the level that previously made him one of Europe's leading wingers.