Fabianski arrived at the Emirates Stadium back in 2007, but never lived up to his reputation having starred in his native Poland with Legia Warsaw. Predominantly a backup to compatriot Wojciech Szczesny in recent years, Fabianski has found first-team football hard to come by, but having impressed in the FA Cup, Premier League rivals Swansea have moved to snap the 29-year-old up on a free transfer.
With Emiliano Viviano's loan deal from Palermo also coming to an end, Fabianski's departure leaves the Gunners short of shot stoppers. Szczesny is the established first choice, but there is no competition for him in the current Arsenal squad - leading to plenty of rumours that Wenger will look to add another goalkeeper this summer.
Cardiff City's David Marshall and Norwich City's John Ruddy are among the names to be linked so far, but speculation breaking today suggests that Wenger has entered negotiations with Nice stopper Ospina, who is set to feature for Colombia at this summer's World Cup in Brazil.
The 25-year-old is well experienced having made almost 200 appearances for the French side as well as 42 caps for the Colombia national team, and his impressive displays in Ligue 1 make him a smart target - particularly when you consider that he wouldn't even require a transfer fee.
Ospina has allowed his contract to run down in order to move on to a bigger club on a free transfer this summer, and having lost Fabianski for free, Wenger would be making a sensible choice in targeting an experienced but still young goalkeeper in Ospina.
The Gunners have been heavily linked with Ospina's international team mate Juan Cuadrado, but Arsenal fans may now need to focus their attention on the goalkeeper rather than the flying Fiorentina winger.