The Gunners plan to sign 10-year-old Xavi Pleguezuelo who currently plays for the Catalan club's youth team.
Arsene Wenger has already clinched a deal to bring his brother, 17-year-old Julio Pleguezuelo, to the Emirates Stadium.
And the report claims Xavi is set to follow his older brother to north London.
He shares an agent with another Arsenal transfer target currently playing for Barcelona, Paraguayan striker Antonio Sanabria.
The 17-year-old forward is already a Paraguay international, but has found first-team football difficult to come by at the Nou Camp.
The Arsenal raid on the Barcelona academy is not the first time the Gunners have aggressively swooped to snap up La Masia's best young talent.
Arsene Wenger successfully signed Cesc Fabregas and Fran Merida from Barcelona when both were teenagers at the club although the former has since returned to the Nou Camp.