Bellerin has established himself as a key member of the Gunners' defence and his performances have not gone unnoticed, according to El Confidencial.
The 21-year-old started his career with Barcelona before moving to north London as a youngster in 2011.
The reports in Spain say the Catalan giants are keen to bring Bellerin back to Camp Nou, while it is also claimed Bayern and City are interested in snaring the pacey right-back.
However, it remains to be seen if Bellerin will be interested in a move away from the Emirates Stadium and Arsenal are under no pressure to sell.
The defender is under contract until 2019 and Arsenal are likely to resist all offers for Bellerin unless the player himself pushes for an exit.