Arsenal failed with a bid for Barcelona attacker Raphinha in January.
Sport says the Gunners offered 70m for the Brazil international last month, but the proposal was rejected.
Raphinha was also a target for Arsenal last summer before he left Leeds for Barca.
The Catalans paid 58m for the attacker.
After being turned down by Barca, Arsenal switched their attention to Leandro Trossard, who was signed from Brighton deadline day.