Arsenal offered Barcelona £62 million to sign Brazilian attacker Raphinha last month, according to Sport.
However, the La Liga club turned them down, insisting the former Leeds United star is not for sale.
Raphinha joined Barca last summer but initially struggled to impress.
He has been constantly linked with a return to the Premier League, but the Catalans are not keen on losing him anytime soon.
The 26-year-old has bagged seven goals and seven assists in 31 games across all competitions this term.
Raphinha has become a regular in manager Xavi’s starting line-up in recent games.
Barca have plenty of faith in the Brazil international and he is repaying them.
He signed a five-year deal for an initial £50m, potentially rising to £55m in add-ons.
The former Rennes star will be keen to prove that he can succeed at one of the biggest clubs on the planet.
Barcelona could do with some serious cash injection given their current financial struggles.
However, they do not plan on selling Raphinha and suitors must look elsewhere.
Arsenal were looking to bolster their attack during the January transfer window, and the Barcelona forward could have been a solid addition.
He scored 17 Premier League goals and claimed 12 assists in two seasons at Leeds.
The Gunners quickly moved on after Barca rejected their bid and signed Belgian international Leonardo Trossard.
The former Brighton & Hove Albion star has made an immediate impact at the north London club.
Trossard has scored once to help keep Mikel Arteta’s side on top of the Premier League table after 23 games.
