The 31-year-old always knew his role at the Emirates Stadium would be a difficult one, and that has proven to be the case, with Raya established as the clear number one.
Both goalkeepers are Spain internationals, though only Raya is currently involved in the World Cup, preparing for Sunday's final.
Kepa, once the most expensive goalkeeper in football history following his move from Athletic Club to Chelsea, is now said to be assessing whether a change of scenery could help him find the regular minutes he craves rather than remaining stuck in a backup role for another season.
No clear destination has yet emerged for the former Athletic Club stopper, though his situation is being watched closely by clubs in need of an experienced option between the posts.
Kepa's pedigree at some of Europe's biggest clubs means he retains genuine market value despite his advancing years and limited game time over the past season, and his willingness to consider a move suggests he believes he still has plenty to offer at a high level elsewhere.
Arsenal, for their part, would need to weigh up the goalkeeping options available to them should Kepa depart, with Raya's status as first choice not in question regardless of what happens with his understudy.
The Gunners are said to have already begun exploring potential replacements in the event of an exit, with the club keen to maintain quality competition for places even in a position where Raya's grip on the starting jersey looks unshakeable for the foreseeable future.
The situation adds another subplot to Arsenal's summer business as they continue to fine-tune their squad ahead of the new season, with Kepa's future expected to become clearer in the coming weeks as interested parties elsewhere in Europe weigh up whether to formalise their enquiries into a concrete approach.