Dembele only moved to Spain in the summer of 2017 from Borussia Dortmund.
However, the France international has struggled to make an impact at the Camp Nou, in what turned out to be an injury-ravaged season.
After seeing Barca bolster their attacking ranks with the addition of Brazilian winger Malcom, Dembele is eager to seal a move away from the LaLiga club.
Arsenal manager, Unai Emery, is believed to be a big fan of the 21-year-old, who won the 2018 World Cup with Les Bleus.
Liverpool are also keeping an eye on his situation.