Bellerin left the Nou Camp for north London in 2011 at the age of 16 but has been heavily linked with a return this summer.
Barcelona are on the hunt for a new right-back to finally fill the void left by Dani Alves last year.
Bellerin fits the bill but Barcelona face stumping up a huge fee.
According to Spanish paper Marca, they could drive down the cash sum by giving
Rafinha, who has struggled to establish himself at the Nou Camp, could be offered plus £26.2m (€30m).
Krystian Bielik - £5,000-a-week
He reportedly thinks he could thrive at the Emirates Stadium.
Rafinha has been in Barcelona's ranks since the age of 13 but wants out after a lack of action.
Reports in Spain suggest Bellerin wants to join Barcelona.
Catalan-based paper Sport claim he
Barcelona ace and Spain Under-21 team-mate Denis Suarez last week said that Bellerin is torn over his future.
"I have spoken with him, and on the one hand he's keen to come and on the other he feels tied to Arsenal," Suarez told Catalunya Radio.
"I hope he can come."