Bellerin spent last season on loan at Betis and the Spanish club are interested in signing him on a permanent deal, though the costs of keeping him have been a barrier.
Arsenal are open to Bellerin going, but so far there has been little solid movement for the player to head for the Emirates Stadium exit door.
Bellerin has several clubs wanting to sign him though and there are sides in Italy who are interested in getting their hands on him.
But according to Spanish journalist Kike Martin, the Spaniard has turned down approaches from Italy and only wants a return to his homeland.
He wants to rejoin Betis but there are several financial factors that are holding up a potential deal.
The defender’s wages are a problem for Betis but Arsenal’s demands are also a major stumbling block.
The Gunners are claimed to want a fee of £7m and Betis do not want to pay such a figure for Bellerin this summer.
However, he has a year left on his contract and Arsenal are ready to move him on given he could leave on a free transfer next summer.