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.
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