The 25-year-old has consistently produced for the Whites since his arrival from Rennes in 2020, scoring six goals and setting up nine more in his debut season in the Premier League.
Raphinha has broken the 10-goal mark in the top flight this season - as well as contributing three assists - but Leeds are in a perilous position at the foot of the table.
Sunday's 2-1 loss to Arsenal has seen the Whites slip into the relegation zone with three games left to play - one of which comes against Chelsea at Elland Road on Wednesday night.
Should Jesse Marsch's side return to the Championship after two seasons in the top flight, Raphinha would be widely expected to leave amid interest from a number of clubs.
Bayern Munich and Liverpool were both linked with a move for Raphinha at one point, but the Reds are not expected to reignite their interest following the arrival of Luis Diaz.
The report adds that the Catalan club were the first ones to make contact with the attacker's entourage, and a €25m (£21.3m) release clause in his Leeds contract will activate if the Whites are relegated.
Raphinha's existing deal with Leeds runs until the end of the 2023-24 season, and the former Sporting Lisbon attacker boasts a total of 16 goals and 12 assists in 64 outings for the club in all tournaments.
Barcelona tried and failed to force Dembele out of the door in January, and the France international - also an ex-prospect of Rennes - sees his current terms expire at the end of the season.
Dembele has registered 11 assists in La Liga since December and has supposedly held positive talks with the club over a new deal, but Manchester United and Paris Saint-Germain are both waiting in the wings.
The Catalan giants also signed Adama Traore on loan from Wolverhampton Wanderers in January, but they have reportedly decided against a permanent deal for the Spaniard, who has struggled to impress on a consistent basis.
Depay opened the scoring before a Pierre-Emerick Aubameyang brace as Barca beat Celta Vigo 3-1 on Tuesday night, and the Blaugrana are now seven points clear of Sevilla in second place. body check tags ::