Barcelona want to sign Manchester City full-back Joao Cancelo and are willing to offer Nelson Semedo for his signature.
The details are outlined in The Telegraph, which claims that the lack of cash flow currently in football means that swap deals are much more likely among clubs this year.
Cancelo, 25, joined the English champions in a €65m deal from Juventus this summer but has been a fringe player at the club so far, making just eight Premier League starts from a possible 26.
Semedo was signed by Benfica in the summer of 2017 for a €35m fee but has not always featured regularly for the side, with Sergi Roberto often preferred at full-back.
The right-back had been widely linked with an exit from the Camp Nou last summer with Atletico de Madrid among the clubs strongly mentioned in relation to his transfer.