Arsenal reportedly submitted the first bid of the summer window for the Brazilian international on Tuesday evening, as reported by The Athletic, but it is understood that the bid fell well short of United's valuation of the player.
The bid is expected to be rejected out of hand but reports suggest that Tottenham Hotspur are now ready to submit an offer of £50m plus £10m add-ons.
Barcelona's interest in Raphinha has been well documented for some time but the Spanish giants are yet to make a bid and have financial issues to contend with.
Chelsea have also been linked with a bid for the Whites winger.
As part of a busy last 24 hours, here are the rest of the latest key Whites headlines through our Tuesday morning round-up.
Leeds United First Division title winner Tony Dorigo has written exclusively to Manchester City and PSG transfer target Kalvin Phillips for the Yorkshire Evening Post.
Read Dorigo's letter ahead of a huge summer in the Yorkshire Pirlo's career HERE
Leeds United on verge of first summer transfer exit as Italian director confirms negotiations
Leeds United goalkeeper Elia Caprile is close to agreeing a permanent deal with newly-promoted Serie B side SSC Bari.
Find out the full story ahead of the likely first departure of the summer window HERE
West Ham expected to move for Leeds United-linked striker
West Ham are expected to move for Chelsea striker Armando Broja in the coming days. The forward is valued at around £30m, and is also a reported target for Everton, Wolves and Leeds United. (90min)
Read all of the latest Leeds United and Premier League transfer gossip at our round-up piece HERE
Jermaine Beckford offers £100m Leeds United solution over 'worst case scenario' at Whites
Whites hero Jermaine Beckford has suggested a £100m solution to the worst-case scenario of Leeds United losing both Kalvin Phillips and Raphinha this summer.
Read what the former Leeds striker believes would be the best course of action for his former side in that event HERE
Leeds United set to learn fixture fate live on Sky in third crack at competition
Leeds United will learn their Papa John's Trophy group opponents in a live televised draw on Thursday.
The YEP understands that the Whites will be revealed as one of the 16 invited 'under 21' teams who will be drawn into their respective Northern and Southern section groups.
Find out the full story including how to watch the draw and when it will take place HERE
Leeds United's Kalvin Phillips given boost by strong stance on key figure
The FA has issued its confidence in England boss Gareth Southgate in a move that could be viewed as a boost to Leeds United's Kalvin Phillips ahead of this year's World Cup.
Read what FA chair Debbie Hewitt has had to say about a key figure in Phillips' recent success story HERE
'If they offer £50m I'd want £70m' - ex-top flight owner on Leeds United Raphinha and Kalvin Phillips job
Andrea Radrizzani and Leeds United must 'sweat' their assets to make Manchester City, Arsenal, Barcelona or PSG pay big money for Kalvin Phillips or Raphinha, says former Premier League owner Simon Jordan.
Find out what ex-Crystal Palace chairman Jordan has had to say on the picture facing United this summer HERE