The Spain U21 began his career with the El Clasico giants, spending eight years in their famous La Masia academy before moving to north London in 2011.
The 21-year-old has since emerged as one of the most exciting attacking full-backs in Europe, this season claiming a spot in the PFA Team of the Year after bagging one goal and five assists in 36 Premier League appearances.
According to Goal, that has seen the right-back emerge as a prime transfer target for his former club ahead of the summer window.
Making defensive additions is a priority for Barcelona this summer with Javier Mascherano and Dani Alves heading for Juventus and Bellerin is billed as an ideal successor to the latter.
The Catalans have reportedly asked his former La Masia coach Francesc Garcia Pimienta to make contact with the youngster, but Arsenal have no plans to sell.