The 21-year-old has featured on a regular basis for the Catalan outfit this season, scoring eight goals in the process.
Barca are keen to keep hold of their attacker, but are thought to be worried by the release clause in his current contract, which is believed to be worth just £8.5m.
That has alerted the Premier League pair, who are eager to bolster their striking options ahead of the new season, according to The Express.
Tello came through the ranks at the Camp Nou, before joining Espanyol in 2008. He then then returned to Barca two years later.