Arsenal reportedly remain interested in Junior Firpo and could use Hector Bellerin as a makeweight to complete a deal for the Barcelona full-back.
The Gunners are believed to have missed out on a loan move for Firpo, who has struggled for minutes at Camp Nou, late in the January transfer window.
The 24-year-old is said to be open to leaving Barcelona on a permanent basis in the summer and, according to football.london, Arsenal may be ready to make a move.
It is claimed that Mikel Arteta's side could offer Bellerin, a long-term target for Barca, in exchange for Firpo.
Spain international Bellerin spent more than a decade in the Catalan club's La Masia academy before joining Arsenal in 2011.