Mundo Deportivo says Arsenal are monitoring the situation of Rafinha.
The Brazilian, 27, is currently on loan at fellow Spanish side Celta Vigo and could be available on the market for around £13million.
The Gunners are one of three European teams looking to prize him away from the Camp Nou this year.
The La Liga giants are reportedly looking to offload several of their stars this summer due to financial strains caused by the coronavirus pandemic.
Rafinha, who has made 22 league appearances and scored twice for Celta so far this season, is likely to be moved on when the transfer window reopens in Europe.