Barca vice-president Jordi Mestre admitted their interest in the La Masia graduate this week. However, Sport says a final decision on bidding for Bellerin is yet to be made.
Everything will hinge on planned contract talks between the player and Arsenal.
Bellerin's current deal runs to 2018 and Arsenal are eager to secure him to new terms.
Should Bellerin turn Arsenal down, then Barca will make a bid for the defender in January.