Carroll, 29, also know as 'The Gerbil', was killed while sitting in the back of an Audi car outside the Asda store in Robroyston, on January 13 2010.
Police Scotland confirmed a 34-year-old man was arrested in Spain.
A spokeswoman said: "Police Scotland can confirm that a 34-year-old man has been arrested in Spain and is currently detained in police custody in connection with the death.
"A report will be submitted to the Procurator Fiscal."
The 34-year-old is expected to appear at Glasgow Sheriff Court on Friday.