The Catalan giants have been linked with Bellerin in the past, despite the Spaniard making clear that he is "happy" with life in North London.
Balague insists that the 23-year-old is no longer wanted by Barca, however, while Arsenal teammate Aaron Ramsey is also unlikely to be on Spanish champions' radar during this summer's transfer window.
"Bellerin is too expensive. As I said they want a left-back and also a right-back but the Arsenal star is too expensive," he told Sky Sports News. "As far as I know there is no interest from Barcelona in Aaron Ramsey."