The Gunners are looking to bolster their transfer funds this summer and the club’s hierarchy are open to selling Bellerin before the end of the window.
The 25-year-old has already attracted interest from Paris Saint-Germain and Bayer Leverkusen.
But according to Sport, Barcelona have now made an approach to sign Bellerin and have held initial talks with Edu about a potential transfer.
The report claims that Barcelona have been told by Arsenal that they would be willing to sell Bellerin if they received an offer between €20 million (£18.1m) and €25m (£22.7m).
However, Barcelona are unable to meet Arsenal’s valuation at present and are now looking to offload Nelson Semedo before making a move for Bellerin.
Bellerin came through Barcelona’s La Masia academy before he left to join Arsenal at the age of 16 in 2011.
The Spaniard made his debut under Arsene Wenger and has made 205 appearances during his time with the Gunners.
Reports claim that Mikel Arteta is keen to keep Bellerin in his squad due to his influence in Arsenal’s dressing room.
However, the 25-year-old faces increased competition for a place this season following the emergence of Ainsley Maitland-Niles and Arsenal’s decision to sign Cedric Soares on a free transfer.