According to Spanish outlet Sport, the Premier League duo both tabled €80 million bids for the 22-year-old in late July.
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Several Barcelona board members were keen on facilitating the deal, believing the sale would help with the registration of new signings.
Manager Hansi Flick pushed for the club to keeping the attacking midfielder, however, believe he will have a key role in the season to come.
Lopez enjoyed a breakout season under the German in 2024-25, scoring eight goals and providing nine assists in his 46 games.