The 19-year-old is reportedly keen to quit the Camp Nou after slipping further down the pecking order since the arrival of Zlatan Ibrahimovic in the summer.
Gunners boss Arsene Wenger desperately needs reinforcement in his forward line, with Robin van Persie sidelined for up to five months with an ankle injury.
The Daily Star reports that Wenger feels he has been priced out of moves for Bordeaux's Marouane Chamakh, Toulouse's Andre-Pierre Gignac, Wolfsburg's Edin Dzeko and Inter's Mario Balotelli, and is therefore now considering turning to Krkic instead.
The Gunners are believed to have already made an initial enquiry for the Serbian-born Spaniard, and are apparently prepared to pay up to £8 million for the teenager.
However, Barca are said to favour a loan deal rather than the permanent move preferred by Arsenal.
