Spanish media outlet Mundo Deportivo, as quoted by Metro, is reporting that Dembele returned to first-team training last week following his success at the World Cup.
The same article states that the Gunners haven’t been deterred and the north London side are set to make a fresh bid to sign the 21-year-old before Thursday’s deadline.
According to the same story, Arsenal are prepared to pay an £8.9m loan fee as well as inserting an option to sign Dembele in a £80.3m next summer.
Dembele is facing increased competition for a starting spot at FC Barcelona in the 2018-19 La Liga season following the arrival of Malcom from Bordeaux last month.
The Arsenal manager is thought to be a big admirer of the France international despite his underwhelming first season at the La Liga champions.
Dembele moved to FC Barcelona in a big money deal from Bundesliga giants Borussia Dortmund in the 2017 summer transfer window.
The Gunners have signed five players in the summer transfer window following the additions of Stephan Lichtsteiner, Sokratis Papastaphopoulos, Bernd Leno, Lucas Torreira and Matteo Guendouzi.
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