The Spanish left-back has seen his involvement reduced considerably, prompting speculation that he could consider a move away if his situation does not improve.
Barcelona have previously been linked with a possible departure for Balde, including interest from Manchester United. However, the club's position has reportedly been that any deal would need to be a permanent transfer rather than a loan.
Romano has indicated that Balde could now be more receptive to leaving in January if he continues to struggle for minutes. The journalist also stressed that any potential move would depend on the offers received and the player's own decision.
That leaves the door open to a departure, but not necessarily to the specific arrangement involving Arsenal.
Romano's assessment is particularly significant because it directly challenges the reports of a possible exchange.
The Arsenal defender is valued by Mikel Arteta for his ability to operate both centrally and at left-back. Despite questions over his regular playing time, the London club are understood to be satisfied with their defensive options and have no desire to restructure that area of the squad during the January window.
“I don't see this happening for one reason: Arsenal have no intention to sell Hincapié,” Romano explained.
He added that the club were happy with their defensive personnel and did not want to change their back four in January.
Consequently, while Barcelona could still explore a permanent sale of Balde and continue looking for defensive reinforcements, the proposed swap appears highly unlikely.
The situation is one to monitor as the winter transfer window approaches, particularly if Balde's playing time does not improve. However, Arsenal's position currently represents a major obstacle to the deal.