Arsenal boss Mikel Arteta wants the Brazilian winger at the Emirates Stadium and the Gunners, keen to take control of the transfer chase, have submitted a bid to Leeds for his services.
However, Leeds view Arsenal’s offer as well below their valuation of Raphinha and are in the process of officially rejecting it.
The Gunners are expected to try again, but according to Italian broadcaster Sportitalia, their north London rivals Tottenham are also keen and are preparing their own bid.
It is suggested that Spurs will offer Leeds a fee of £50m, plus £10m in bonus payments, as they look to secure Raphinha.
Tottenham can offer Raphinha the opportunity to play Champions League football next season, which Arsenal cannot match.
Neither side are the player’s preferred destination though as he wants to join Barcelona.
The Catalans look unlikely to be able to afford him at present however, and Raphinha has yet to make a firm decision on what he will do in the event a Camp Nou move is off the table.
And Barcelona are also prioritising a new contract for Ousmane Dembele, at the request of coach Xavi.
Chelsea have also been mooted as a possible destination for Raphinha.