Mundo Deportivo, as quoted by website 101 Great Goals, is reporting that the Gunners are set to revive their interest in the 24-year-old defender.
The same article states that the Gunners are preparing for the potential departures of contract rebels Mesut Ozil and Alexis Sanchez at the end of the season.
According to the same story, the Barcelona star is rumoured to be interested in a move to the Premier League following a frustrating spell in La Liga.
However, Arsenal could face competition from Premier League rivals Liverpool and Tottenham Hotspur ahead of the summer transfer window.
Rafinha is also attracting interest from Serie A giants AC Milan and Juventus.
The versatile midfielder has scored 11 times in 78 games during his Barcelona career so far.
Rafinha has won two La Liga titles, four Copa del Rey trophies and the Champions League during his six seasons at Camp Nou so far.
Arsenal lost 3-1 to Premier League leaders Manchester City at the Etihad Stadium last weekend.
The Gunners dropped to sixth place in the table following their disappointing defeat at the runaway leaders.
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