The 24-year-old boasts 20 goals in 86 appearances for the El Clasico giants and was part of the squad that lifted a La Liga title during the 2012/13 campaign.
But the one-cap Spain international has spent the last two terms out on loan, netting seven goals during 18 months at FC Porto and serving a 15-game spell with Fiorentina in the second half of last season.
Tello has now returned to the Nou Camp but looks set to leave permanently before the summer transfer window slams shut and is reportedly eyeing a move to the Premier League.
And according to The Sun, Southampton are leading the race to sign the 5 foot 10 winger forward, despite rivalled interest from fellow Premier League side Swansea City.
It’s further claimed that Barcelona are ready to sell their one-time prodigy for a £10million transfer fee.