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Raphinha, 25, has two years left on his contract and is not expected to sign a new deal at Elland Road.
- Arsenal announce £34m Vieira deal
- Arsenal in talks to sign Man City striker Jesus
- Will Gabriel Jesus thrive away from Man City?
Barcelona are also understood to want to sign Raphinha, whose agent is the former Barca player Deco.
The Brazil international joined Leeds from Ligue 1 side Rennes on a four-year deal in October 2020, contributing six goals and eight assists in 29 Premier League games in his debut campaign, while last season the player managed 11 goals and three assists in his 35 league matches.
Meanwhile, Arsenal remain in talks over the signing of Manchester City forward Gabriel Jesus.
City's asking price for the Brazil international is thought to be £50m.
- Transfer Centre LIVE! | Arsenal transfer rumours
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- Arsenal fixtures: Gunners travel to Palace on opening night
Would signing Jesus give Arsenal edge in CL battle?
Guardian football writer and Italian football expert Nicky Bandini told Sky Sports:
"I think it's too early to say it would give them the edge as there's a long way to go in the transfer window and Arsenal are having to catch up. It won't be easy next season as they will be in the Europa League.
"The Thursday-Sunday schedule does have a negative impact on domestic performance so it's going to be tough for Arsenal to bridge the gap.
"If you're going to do that, you've got to be encouraged by the club doing their business early. Addressing a big area up front in signing Gabriel Jesus is a positive step.
"His goals-to-expected-goals ratio is one of the weakest in the Premier League since he arrived but his goalscoring has been prolific. He's got more than a goal every other game so his productivity has been very high.
"Arsenal have been crying out for someone to be on the end of those chances consistently. It was the one thing that was missing last season."
Arsenal fixtures: Gunners start at Palace
Arsenal will start their 2022/23 Premier League campaign away at Crystal Palace on August 5, live on Friday Night Football.
Mikel Arteta's side, who finished fifth in the Premier League last term, will then host Leicester City on August 13 before travelling to newly-promoted Bournemouth on August 20.
The Gunners' first north London derby will take place at Emirates Stadium on October 1, while the return game at Tottenham Hotspur Stadium is early in the new year on January 14.
Arsenal's final game before the season pauses for the winter World Cup will be away to Wolves on the weekend of November 12/13. They will then return to action on Boxing Day, entertaining West Ham.
The final day of the Premier League season is on May 28, where Arsenal will close out their campaign at home to Wolves.
Follow the summer transfer window with Sky Sports
Who will be on the move this summer when the transfer window opens on June 10 and closes at 11pm on September 1?
Keep up-to-date with all the latest transfer news and rumours in our dedicated Transfer Centre blog on Sky Sports' digital platforms. You can also catch up with the ins, outs and analysis on Sky Sports News.