Barcelona have reportedly identified PSV Eindhoven forward Donyell Malen as a potential January signing.
With Depay having less than a year remaining on his contract, Barcelona are expected to return for the Netherlands international at the start of 2021.
However, according to reports in Spain, the La Liga side are willing to switch their attention to Malen if Lyon are still not prepared to sell his Dutch compatriot.
While PSV may have little interest in parting ways with their star man, a lack of Champions League football this season may eventually force their hand.
Arsenal are also monitoring the situation ahead of a potential big-money bid next summer.