La Blaugrana have been linked with a move for the Brazilian international, despite his transfer value remaining over £50m, after Jesse Marsch’s side avoided Premier League relegation.
However, no formal bid has been submitted by the Catalan giants, despite their links with Raphinha’s agent Deco.
According to reports from Goal.com, the Gunners are not the favourites to sign the former Rennes winger, ahead of the 2022/23 campaign.
Raphinha is frustrated by Barcelona’s indecision over a move and he wants to wrap up a deal before pre-season training begins.
Arsenal are unlikely to pay Leeds’ full asking price of £50m, with a compromise offer of £45m on the table, ahead of the final days of negotiations.
The 25-year-old was the difference between Leeds staying in the top-flight, and dropping into the Championship in 2021/22, with 11 Premier League goals.