Bellerin started his career at Barcelona as a product of their famous La Masia academy, but left to join Arsenal in 2011.
And the 22-year-old has been a regular since 2015, and has helped Arsene Wenger's side win the FA Cup twice in the three years since he broke into the first-team.
Barcelona are on the lookout for a new right-back after failing to replace Dani Alves 12 months ago.
The Brazilian was allowed to leave the Nou Camp despite winning 23 major trophies during his eight years in Catalonia.
Sergio Roberto spent much of the season in defence under Luis Enrique this season, despite being a central midfielder by trade, and looked far from comfortable.
And Spanish newspaper Mundo Deportivo say that Barcelona are ready to offer Arsenal a pick of three players to ensure they land Bellerin, who has been identified as the solution to their right-back problem.
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Arsenal star Hector Bellerin is wanted by Barcelona
Barcelona could offer Arsenal a choice from three players to sign Hector Bellerin
The three players in question are said to be Rafinha, Denis Suarez and Arda Turan.
Turan is said to be the main player Barcelona want to offload, after failing to establish himself since arriving from Atletico Madrid in January 2015.
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The Turkey international has toiled in the shadow of Lionel Messi, Neymar and Luis Suarez and, as a result, looks increasingly likely to leave for a fresh challenge elsewhere.
Rafinha is another player who has struggled for minutes at the Nou Camp, with injuries seeing him spend much of his time among the substitutes.
With the likes of Ivan Rakitic, Sergio Busquets, Andres Iniesta and Angel Gomes above him in the pecking order, a summer exit looks inevitable.
Suarez is another player who could leave due to the fierce competition for places.
Barcelona star Arda Turan could be offered to Arsenal as part of the Hector Bellerin deal
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Bellerin flirted with a move to Barcelona earlier today by refusing to rule out a return to his former club.
"You never know what could happen. It's a club that I grew up in as a kid, the best club in the world," he told SPORT.
"It's a big compliment, of course, but I'm an Arsenal player with a contract there.
"I haven't talked to anyone. I haven't talked to the club. I know a lot of things are being talked about but as a player, the club haven't told me anything, there has still not been any contact.
"It's always been very good in London, my family settled there with me, although now, for family reasons, they have had to return to Barcelona.
"I have a tougher time now because I'm a family person, I depend on them a lot, and it'll be a new challenge to be without them."