The 25-year-old has spent the last two season in North London, making a total of 58 starts and nine substitute outings in all competitions.
However, Ryan Sessegnon is now regarded as the first-choice option at left wing-back, a role that he starred in while Reguilon ended 2021-22 on the sidelines through injury.
With Champions League football having been secured for next season, Reguilon may still earn regular game time during the upcoming campaign with Sessegnon unproven at that level.
According to reports in Spain, however, Reguilon may instead be provided with an opportunity to return to his homeland with Barcelona.
Given his previous affiliation with Real Madrid, any transfer to Camp Nou, regardless of whether it is in the short or long term, would divide opinion.
Nevertheless, it is claimed that Barcelona have been offered the opportunity to sign the Spain international on a season-long loan deal.
As it stands, Chelsea's Marcos Alonso is the first-choice option for the Catalan side, providing that a deal can be agreed with Chelsea.
Javi Galan of Celta Vigo is also said to be an alternative with Xavi keen to bring in recognised competition for Jordi Alba.
The report suggests that the situation regarding a new left-back will only be resolved once Barcelona know if they will be signing Sevilla defender Jules Kounde.
In order to beat Chelsea in the race for the France international, the La Liga giants will have to commit to spending in excess of £50m.
Although president Joan Laporta has indicated that he intends to purchase at least one new defender over the coming weeks, it would have to fit in line with the club's finances.
Reguilon is allegedly regarded as "a low-cost option" and would become more realistic if Kounde completed a switch to Barcelona.