Araujo has made 150 competitive appearances since joining Barcelona from Uruguayan side Bostin River in the summer of 2018.
The centre-back has been a regular fixture in the first team for a number of seasons, but it is currently unclear whether he will still be a Barcelona player for the 2024-25 campaign.
Araujo, a Uruguay international, is entering the final two years of his contract, and he is yet to agree an extension with the Calatan giants.
Barcelona could look to sell him this summer if it becomes clear that the two parties cannot agree on a new contract.
Premier League duo in Araujo race
If Barcelona do entertain offers for Araujo, El Chiringuito are reporting that Man City and Newcastle are the 'best placed' clubs to sign the Uruguayan defender.
The report claims the Blaugrana will demand an eye-watering €120m (£101.7m) fee to part ways with Araujo this summer.
While it is unclear how much Man City would be willing to pay, there is a belief that Newcastle would look to strike a deal in between €70m (£59.3m) and €80m (£67.8m).
Manchester United have also been linked with a move for Araujo, but they have seemingly cooled their interest as they turn their focus to Bayern Munich defender Matthijs de Ligt.
Do Man City and Newcastle need Araujo?
Man City do not appear to be in desperate need of centre-backs, especially after they recruited versatile defender Josko Gvardiol last summer.
As well as Gvardiol, Pep Guardiola currently boasts John Stones, Nathan Ake, Ruben Dias and Manuel Akanji as his centre-back options.
Meanwhile, Newcastle have already recruited one centre-back this summer, signing Lloyd Kelly on a free transfer following his departure from Bournemouth.
The Magpies will still be keen to bring in another defender, with Jamaal Lascelles and Sven Botman still recovering from long-term knee injuries.
It remains to be seen whether Man City or Newcastle step up their interest in Araujo, but a deal is unlikely to be done if Barcelona fail to lower their asking price.