Gunners had agreed terms with David Villa but Barca’s Tito Vilanova vetoed switch.
Arsenal had a £12.7m January bid rejected by Barcelona for striker David Villa, according to Catalan source MundoDeportivo.
Barca boss Tito Vilanova reportedly felt he would need a striker in the second half of last season and blocked the 31-year-old’s departure.
The source also claims the Gunners had already agreed terms with Villa, before Vilanova vetoed the move.
The former Valencia forward, however, is free to leave Barcelona this summer but Arsenal boss Arsene Wenger has set his sights on other targets, including Real Madrid’s Gonzalo Higuain, and the Frenchman will not pursue Villa this summer.
Instead, Arsenal’s fierce north London rivals Tottenham are the favourites to sign Spain’s all-time leading goalscorer for £8.4m.
Arsenal have also been linked with Fiorentina’s Stevan Jovetic, while Auxerre youngster Yaya Sanogo is expected to complete a move to the Emirates Stadium after his participation in the under-20s World Cup with France.