The Brazilian international has been heavily linked with a move away from Leeds United after playing a key role in their Premier League survival last season.
However, the Catalan giants face major transfer competition for the 25-year-old, with Chelsea reportedly already agreeing a deal, in the region of €65m.
Barcelona’s financial situation has improved in recent weeks, but they cannot afford to match the Blues offer, with their current ceiling set at €55m.
Raphinha’s agent, former La Blaugrana schemer Deco, is pushing the Yorkshire club to accept a bid from Barcelona.
The saga looks set to rumble on into pre-season, but South American football expert Tim Vickery believes Barcelona are still favourites, due to Raphinha’s person preference.
“I think the one he wants is Barcelona – that’s what he’s waiting on and that’s why there’s a delay”, as per reports from Sky Sports.
“He’s waiting to see if Barcelona get their finances together to pull this off.
“If you’re Brazilian, it’s almost impossible to say no to Barcelona, especially, if your name starts with an R.
“What a line of players he’d be putting himself in, if he goes to Barcelona.
“Raphinha also has Deco in his ear saying he loved Barcelona and didn’t like London too much.”
Barcelona are planning a massive squad overhaul this summer, after two years of frugal spending, with reports from Mundo Deportivo claiming they have earmarked €200m for reinforcements.