The Gunners had hoped to complete the deal for the Spaniard so could he could be available for the Emirates Stadium clash, but the paperwork has not been completed before the Friday noon deadline.
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Asked if Raya had been signed quickly enough to make his Arsenal debut this Premier League opening weekend, Gunners boss Mikel Arteta replied: “No. We have no news on any incomings.”
Oleksandr Zinchenko and Jorginho will both be available, however.
Zinchenko has shaken off a calf injury in time to be available for the Emirates Stadium clash, having grafted to beat the issue across pre-season.
Jorginho had been carrying a muscle problem but boss Mikel Arteta expects the former Chelsea midfielder to be available for selection.
Gabriel Jesus will miss out as he continues to fight back from knee trouble. The Brazil forward could be back in tentative training next week but still remains some time away from a playing return.
Declan Rice will make his Premier League debut for the Gunners following his record £105million summer switch from West Ham.
Predicted Arsenal XI: Ramsdale; White, Saliba, Gabriel, Timber; Odegaard, Partey, Rice; Saka, Havertz, Martinelli
Injuries: Gabriel Jesus, Elneny
Doubts: Nelson, Balogun
Time and date: 12.30pm BST, Saturday August 12, 2023
Venue: Emirates Stadium