Team spokesman Raul Serrano Quevedo said the team agreed to host the boy after receiving a request from the Palestinian Embassy.
In a letter to the ambassador, he wrote that the team "would be delighted" to receive the boy. He said details were still being worked out, and it's not clear when the boy, Ahmad Dawabshe, will visit.
The 5-year-old boy is still recovering in an Israeli hospital from the July 31 fire that killed his 18-month-old brother and their parents. His family says it expects him to be discharged in three months, and that they then hope to travel to Spain.
"We want to raise attention of this dreadful crime around the globe, and sports are the best way to do that," he said. "We want to prevent similar crimes against our people."
The arson was condemned across the Israeli political spectrum, and Prime Minister Benjamin Netanyahu pledged "zero tolerance" in the fight to bring the assailants to justice. Earlier this month, Israel charged two Jewish extremists in the arson.