The Catalan publication reports that the Frenchman turned down a €7.2m (£6.4m) a year deal, worth roughly £123,000 a week.
Rabiot’s current contract expires in the summer, and he will be able to talk to interested clubs in January about a free transfer.
The France international has been a long-term target for the Gunners, and with Aaron Ramsey looking to depart the club at the end of the season, they may see the 23-year-old as a potential alternative.
However, Arsenal are not the only team interested in signing Rabiot. Mundo Deportivo report that Barcelona are leading the chase for the midfielder, while the likes of Manchester City and Liverpool have also been linked with the player in the past.
This season, he has started every match under new manager Thomas Tuchel, making ten appearances, scoring one goal and providing one assist.