Raphinha arrived at Barcelona in the summer from Leeds United for a fee in the region of €58m.
The winger has made a total of 32 appearances for the Catalan giants this season, scoring seven goals and registering nine assists in the process.
In the winter transfer window, Arsenal were interested in adding a winger to their squad to boost their title hopes.
After losing out on long-term target Mykhailo Mudryk to London rivals Chelsea, they shifted their focus towards landing Raphinha.
According to Catalan outlet SPORT, Mikel Arteta’s side submitted a €70m bid to Barcelona for Raphinha.
However, the Blaugrana rejected Arsenal’s ambitious bid for the player despite going through a tough financial situation.
Barcelona boss Xavi is convinced of the 26-year-old abilities and deems him as a player for the future.
Raphinha has a contract with Barcelona which ends in June 2027 and it remains to be seen whether the Gunners are willing to go back in the upcoming summer window for the former Leeds man.