Per Ed Malyon of The Independent, the Blaugrana were counting on Bellerin forcing Arsenal's hands, with a £45 million fee just about the best offer they could make due to self-imposed financial restrictions. The Gunners will not cooperate, however.
The 22-year-old plied his trade with the Blaugrana until 2011 and has hinted at a return. Earlier this month, he told Mundo Deportivo (h/t ESPN FC's Samuel Marsden) he was happy to hear rumours the Catalans are still monitoring him.
Barcelona have a void at the right-back position, which Dani Alves held down for years until his departure for Juventus. Aleix Vidal struggled with form and injuries last season, and Sergi Roberto has a lot of potential but is a more natural fit in midfield.
Bellerin already understands the culture of the club and has all of the tools to be an elite player at the position. He'd present the perfect target for the Blaugrana, but the Gunners will likely fight tooth and nail to keep him.
Per the report, Arsenal need to keep hold of Bellerin to send a positive signal to the fans, and thanks to his long-term contract, they're in an excellent position to do so.