Barcelona is prepared to offer Arsenal £20m, plus midfielder Rafinha, for fullback Hector Bellerin.
New Blaugrana boss Ernesto Valverde has listed the 22-year old as a priority signing, despite Bellerin having six more years to run on his current contract.
Rafinha made 28 total appearances for Barca last season and could help Arsene Wenger fill the void left by the injured Santi Carzola.
However, no deal will be done for Bellerin until after he returns from the U21 European Championships in Poland.