The Daily Mail says Arsenal bosses have held summit talks at the club's Hertfordshire HQ in a bid salvage the club's fruitless January transfer window.
And the Gunners are throwing all their negotiating resources at trying to land Villa before Thursday's transfer deadline.
Gunners chief executive Ivan Gazidis arrived at the club's London Colney training complex on Monday for crunch discussions with manager Arsene Wenger to map out the closing stages of the transfer window.
Gazidis informed Wenger that the club have been unsuccessful in trying to secure the club's primary targets. And there is now a growing sense that Arsenal will not make any signings this month, instead opting to save the money for a massive splurge in the summer.
The Gunners will make a final offer to Barca chiefs in the next 24 hours in a bid to bring him to the Emirates, with Villa understood to be keen to join the Gunners.