Arsenal are monitoring developments with Raphinha at Barcelona but the Brazilian wants to stay as it stands.
The 26-year-old joined the Nou Camp from Leeds over the summer and has made 23 appearances for Barca this season, scoring three goals.
He could now be headed back to the Premier League as Arsenal look to add attacking depth as they push for a first title in 19 years.
They beat Tottenham 2-0 in Sunday’s North London derby to go eight points clear at the top of the league, but face a tough test against Manchester United on Sunday.
Adding players like Raphinha could be vital in sharing the load at the Emirates, especially after Ukrainian winger Mykhaylo Mudryk signed for Chelsea after months of links with the Gunners.
Barcelona, who need to sell once again, have asked the Spanish federation whether they can re-sign Pierre Emerick Aubameyang from Chelsea on loan.
Arsenal keeper Arthur Okonkwo has joined Austrian side Sturm Graz on loan.
The 21-year-old has never made a senior Gunners appearance and spent the first part of this season on loan at Crewe Alexandra.