The Gunners failed with an opening offer to sign the former Rennes winger, with Leeds rejecting the bid out of hand.
The Yorkshire club value Raphinha at around £60million and they are sympathetic to the winger’s desire to play European football.
But despite the bid from Arsenal and interest from Chelsea, Marca claim Raphinha is waiting on Barcelona to firm up their interest.
The La Liga giants agreed personal terms with the Brazil international earlier this year but their financial situation means they must sell before they can buy.
Barcelona are negotiating with Manchester United for Frenkie de Jong, with the Catalans holding out for around £65m.
On Barcelona’s part, they are said to have reacted ‘calmly’ to Arsenal’s bid and feel that Raphinha wants to move to the Camp Nou.
But the Spaniards know they must join the bidding for the winger sooner rather than later, otherwise they risk losing him to either Arsenal or Chelsea.
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