The Spaniard spent the 2021-22 season at loan at his boyhood club Betis in La Liga, after being made surplus to requirements at the Emirates Stadium by manager Mikel Arteta.
Bellerin made 32 appearances for Manuel Pellegrini's side during the 2021-22 campaign, helping the Seville based club to the Copa del Rey trophy back in April.
Both club and player had hoped to make the deal permanent this summer, although Betis are currently refusing to pay a transfer fee for Bellerin, who still has one year left to run on his current contract with the Gunners.
A request had been made by the Spanish outfit for Arsenal to cancel the defender's contract one year early in order for them to complete the permanent signing, but according to Estadio Deportivo, the Premier League side are currently refusing to budge on such a request as things stand.
Arsenal remain keen to demand a transfer fee for the 27-year-old this summer, who is also attracting interest from the likes of Roma, Fiorentina, Juventus, Inter Milan and Barcelona, according to the report.
Bellerin reportedly remains keen on extending his stay with Betis however, and is even willing to reduce his current salary, of around £100,000-a-week, by more than half in order to secure a permanent move.