The 17 year old is currently starring for Spain at the Under 17 World Cup, but his contract situation at Barca is being monitored by the Gunners, as well as Chelsea and Manchester City.
The Mirror say the forward has a release fee of just £3m with his contract set to expire in 2019. Catalan newspaper Mundo Deportivo however claim that Barcelona are confident that Ruiz wants to stay at the Camp Nou, and will sign a new deal which will likely remove the low buyout clause.
Ruiz has helped Spain to the quarter finals of the World Cup in India, captaining the side and scoring three goals in his four matches so far. He scored in the 2-1 victory over France at the last 16 stage, and his side are set to face Iran in the next round on Sunday.