Spanish news outlet Don Balon claims that the Gunners have allegedly told the La Liga giants to stump up the sizable fee if they want to re-sign the right-back.
Barcelona are believed to have been hoping to bring Bellerin back to the Camp Nou in a deal worth around £30m.
Jordi Mestre (VP): "We've already seen Héctor Bellerín
as a Cule! He's a great player, there's no doubt about that" #fcblive[sport]— Barcastuff (@barcastuff_real) September 19, 2016
But the Catalan side now have to decide whether to continue their pursuit of their former youth academy product or look elsewhere.
Bellerin swapped Spain's top flight for the Barclays Premier League in July 2011. The full-back initially joined Arsenal's Under-18 set up, before progressing through the youth ranks and breaking into Arsene Wenger's first-team squad during the 2014/15 campaign.
The Spain international has gone on to make the right-back position at the Emirates his own over the past three seasons.
However, Barcelona vice-president Jordi Mestre
