Barcola, 23, is under contract at the Parc des Princes until 2028 but has struggled to nail down consistent starting minutes amid fierce competition from Ousmane Dembélé and Khvicha Kvaratskhelia.
PSG are understood to have offered him a new deal, but the French winger remains unconvinced about his long-term standing at the club. Sky Germany journalist Florian Plettenberg reported earlier this month that Arsenal have made formal enquiries and gathered detailed information on the player's financial demands, placing them ahead of Liverpool, Barcelona and Bayern Munich in the race.
Liverpool's interest has cooled, according to The Sun, because their primary need this summer is a right winger who would allow young academy product Rio Ngumoha to develop on the left. Barcola is predominantly a left-sided player, which reduces the fit. Arsenal, by contrast, are looking to add direct, pacy attacking options to compete across the front line and ease their reliance on Bukayo Saka and Gabriel Martinelli, both of whom have experienced injury and inconsistency at points this season.
Barcola has scored 12 times for Luis Enrique's side this season and contributed 21 goals in 2024-25 as PSG won the Champions League. His manager was reportedly furious with him during a 2-0 win over Lens last month, substituting him at half-time. That friction has only increased speculation that the relationship between player and club may be running its course.
PSG face Arsenal in the Champions League final in Budapest on May 30. Any transfer discussion between the two clubs is therefore likely to wait until the summer window opens.