Bellerin has a contract in London until 2023 but it is said that he could consider a return to Spain, where he left the Camp Nou as a youth player in 2011 to join the Gunners.
The 25-year-old has clocked up over 200 first-team appearances for the North London club and whilst he is still an important player for the side, they may consider his sale in order to fund investments of their own.
The Blaugrana have identified right-back as a position for priority upgrade with the club willing to sell Portugal international Semedo, who is the only specialist in that position in their first-team squad.
Barcelona’s sporting team have already met with Gunners sporting director Edu regarding a move and there is a belief that a deal can be done for between €20m-25m.
Bellerin – who has won three caps for the Spanish national side – is now likely to join the Catalan giants should they be able to facilitate the exit of Semedo this summer.