The experienced boss, 62, enjoyed a productive two-year stint of Betis before taking over as Erneste Valverde's successor at the Nou Camp back in January.
However, he was dismissed just seven months later in the wake of a humiliating 8-2 defeat to Bayern Munich in the Champions League.
Tosofichajes claim ex-Manchester City and West Ham boss Manuel Pellegrini is on borrowed time at Betis, with Setien identified as the most viable replacement should they sack the Chilean.
Struggling Betis have lost seven of their 11 La Liga matches so far this season and also shipped a league-high 23 goals in the Spanish top flight.
In a recent interview with COPE, Setien confirmed he would be suing his former employers for a breach of his contract.
"In my case, Quique Setien, it is public and well known that on August 17, both the club and the president announced my dismissal with immediate effect," he said in an official statement.
"However, it was not until yesterday, September 16 (one month later), when they sent me, for the first time, the written communication of said dismissal [without any settlement].
" have not compensated me, nor have they offered me anything.
"They have not even called me to tell me that I am dismissed."
Quique Setien is reportedly being lined up for a return to former side Real Betis less than four months after being axed by Barcelona.