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Spanish publication Sport are reporting that Liverpool have made an offer for the Brazilian international.
Other Premier League sides are also said to have made a move to sign Raphinha, including Manchester United, Tottenham Hotspur and Chelsea.
However, according to Goal Espana, Arsenal are said to be on the verge of signing the 25-year-old after making a more attractive offer to the Yorkshire based club.
Goal suggests the transfer could be completed as early as next week.
Raphinha has been heavily linked with a move to Barcelona this summer and this has previously been reported to be the playmaker’s preferred destination.
However, due to the Spanish giants’ economic issues and their desire to save in order to fund stadium renovations, they may well be unable to find the finances for such an expensive addition.
Leeds have reportedly placed a £55 million price tag on the wide forward, meaning Barca would be forced to make a couple of sales before making an offer.
It appears Arsenal have made an effort to exploit the Catalan side’s indecision and could well be successful in doing so.
Liverpool’s interest may not have been quite as well documented compared to other sides targeting Raphina, but internally it’s understood that Jurgen Klopp is a huge admirer of the player.
With Sadio Mane on his way to Bayern and Mohamed Salah stalling on a new deal, they may be in the market for a new forward, and Raphina would’ve represented a very astute reinforcement in this area.
The former Rennes man is eager to get away from Elland Road in this window, as he looks to secure his place in Brazil’s World Cup squad for Qatar this winter.
Attaining a move to a top European club could be crucial in doing so.
Raphinha scored 11 goals in 36 appearances for Leeds last season, as the Whites narrowly avoided relegation.