Philippe Coutinho was left out of Barcelona's opening day win over Real Sociedad.
The news comes after the Brazilian was linked with a move to Arsenal.
Spanish outlet Sport says Barca have proposed a swap deal with the Gunners involving Coutinho.
The La Liga giants want Pierre-Emerick Aubameyang in exchange for the former Liverpool man.
They would also accept Alexandre Lacazette as a second option.
There would be no money involved in the transfer as Barca continue to struggle with their finances.
Aubameyang would also have to take a pay-cut from 14million euros to 10million euros per season.
Super agent Kia Joorabachian, who represents Coutinho and has close ties to Arsenal, is reportedly pulling the strings behind the proposed deal.
Meanwhile, the swap deal will reportedly have no impact on Arsenal's pursuit of Real Madrid playmaker Martin Odegaard.