Arsenal manager Unai Emery has reportedly urged the club's board to find the cash to get a deal for Barcelona midfielder Denis Suarez over the line.
The one-cap Spain international has been restricted to 17 minutes of playing time in La Liga this season and will be allowed to leave Camp Nou before the end of the month.
Arsenal are one of a number of sides to have made an enquiry regarding a January move, but Barca are believed to have rejected the offer of a loan deal, instead preferring to sell the 25-year-old.
According to the London Evening Standard, Barca will only alter their stance if Arsenal agree to pay £20m now to make the switch permanent at the end of the season, which is proving to be a sticking point.
The Gunners do not currently have the funds to support Emery, but the Spanish coach - who managed Suarez at Sevilla - is desperate for his own bosses to find some money.
Arsenal's head of football Raul Sanllehi has previously admitted that he is reluctant do do business in the January window.