Bellerin came through the youth ranks at Barca before joining the Gunners in 2011, where he has quickly established himself as the club’s first-choice right-back.
However, the Spain international has not been immune from criticism this season and returned from a suspension to face Everton in the top flight, but manager Mikel Arteta opted to choose Ainsley Maitland-Niles in that 2-1 defeat on Saturday evening.
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The report adds that contact has already been made and an initial fee of £22m has been tabled for the right-back.
Bellerin, who is contracted to Arsenal until 2023, was previously linked with a move to Paris Saint-Germain over the summer.
Bellerin racked up 14 appearances in all competitions for the Gunners this term.