Arsenal reportedly had a €70m (£62m) bid rejected for Barcelona winger Raphinha in the January transfer window.
After scoring 17 goals and providing 12 assists in 67 appearances for Leeds United, Raphinha attracted interest from a number of clubs last summer.
Chelsea were among those who were looking to secure his signature, and they had a bid accepted by the Yorkshire club.
Raphinha, meanwhile, was keen to complete a dream move to Barcelona, who managed to activate an 'economic lever' to sign the Brazilian for a €58m (£51m) fee plus €7m (£6m) in variables.
The 26-year-old has gone on to make 33 appearances for Barcelona in all competitions, scoring seven goals and providing nine assists.
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However, according to SPORT, Raphinha was the subject of a transfer bid from Arsenal during the January transfer window.
The Gunners, who are currently two points clear at the top of the Premier League table, allegedly turned their attention to Raphinha after being pipped to the signing of Mykhaylo Mudryk by London rivals Chelsea.
Arsenal's €70m (£62m) offer was subsequently rejected by the Catalan giants, who are not currently looking to sell the Brazil international.
Barcelona boss Xavi recently claimed that the club will "always support" Raphinha, who is viewed as the "future" of the La Liga club.
Raphinha is competing with the likes of Ousmane Dembele, Ansu Fati and Ferran Torres for a place in the Barcelona lineup.
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The winger started five consecutive league games, before he was rested for last Sunday's 2-0 win over Cadiz.
Xavi restored him to the starting XI for Thursday's Europa League clash with Manchester United, playing 75 minutes before he was replaced by Fati.
After playing out a 2-2 draw at the Camp Nou, Barcelona lost 2-1 to Man United in the second leg of the playoff round tie, ending their participation in European competition for the 2022-23 campaign.
Raphinha, who is under contract until June 2027, will hope to be involved when Barcelona face Almeria on Sunday as they aim to at least maintain their eight-point gap at the top of the La Liga table.
