The forward is in huge demand this summer after helping the Elland Road club scrape Premier League survival.
The Brazilian has been one of the standout top flight stars over the last two seasons, with 17 goals and 12 assists.
Barcelona have been keen to sign the 25-year-old and reportedly have an agreement on personal terms with his agent Deco, the former Chelsea and Barca star.
But they are stalling over an official bid, with Leeds wanting around £50million.
That would mean a significant profit on the £17m they paid Rennes for him in 2020.
The Times report that Leeds are expecting an approach from Arsenal for their star man.
Deco has held talks with manager Mikel Arteta and director Edu, fuelling speculation that a bid could be incoming.
Tottenham have also made contact with Leeds officials over a potential move, while Chelsea are interested.
Raphinha's preference is said to be the LaLiga giants, but their pursuit has been complicated by the situations surrounding Frenkie de Jong and Martin Braithwaite.
The forward is also keen to play Champions League football, which could be a potential stumbling block for Arsenal.