The Gunners and LaLiga giants are not the only clubs with an interest in the Brazilian international, however few sides are willing to commit the required resources in order to secure Raphinha's signature.
Leeds value the player in excess of £50 million, which would see them make a four-fold return on what they initially paid for the player in October 2020.
Arsenal remain the only side to have lodged a formal bid for Raphinha but their offer fell below Leeds' valuation and was consequently turned down.
The north London club are yet to return with a second bid, however their interest appears genuine and a second attempt at meeting Leeds' demands is anticipated.
Barcelona await the expiry of French winger Ousmane Dembele's contract at the end of the month, whereupon the Catalan giants will have greater room to manoeuvre in the transfer market and in the business of registering players.
Currently, Barcelona would struggle to recruit Raphinha at Leeds' preferred sale price due to a debt obligation in excess of €1 billion and LaLiga's restrictive salary cap.
Leeds supporters have voted in number, indicating the price which they feel reflects Raphinha's value in the current market.
In a poll by the YEP, 79 per cent of 1,500 respondents valued the Brazil star at £60 million or more.
18 per cent of the 1,549 votes deemed Raphinha worth between £46 million and £60 million, while a mere three per cent of voters felt less than £45 million would be a palatable sum to receive.
It is a clear indication to Leeds director of football Victor Orta that the overwhelming majority of fans will not be satisfied with losing the attacker for less than £60 million.
While supporters' opinions hold little weight in transfer negotiations, it is a useful thermometer of fan opinion.
Many are graciously resigned to losing last season's top scorer but selling him for below what they perceive to be market value is unlikely to wash with the Elland Road faithful.