Barcelona are losing Ousmane Dembele on a free transfer when his contract expires on June 30. The Catalan club had identified Leeds United winger Raphinha as the ideal replacement for the Frenchman, but their financial situation is threatening to derail the move.

Raphinha remains keen to join the Spanish giants this summer, and his agent Deco had already discussed terms with Barcelona. Leeds are open to sanctioning a move for the Brazil international, but will demand for interested suitors meet their valuation, which is said to be around the £50-£60 million mark.

Barcelona are in a dire financial situation, and need to raise funds and slash their wage bill before they can make high profile additions to the squad. The Premier League side's high valuation has thrown into question their ability to finance the deal this summer.

According to The Athletic, the Catalan outfit's financial situation has alerted north London rivals Arsenal and Tottenham Hotspur to Raphinha's availability. Both clubs are in the market for a wide forward, and could attempt a move this summer.

Raphinha of Leeds United Robin Jones/Getty Images

The Brazil international is keen to move to a club that competes in Europe, and both Arsenal and Spurs can offer him the same. Antonio Conte's side are in the Champions League, but are also after Everton's Richarlison, who is their primary target.

As per Spanish journalist Toni Juanmarti, the Gunners are working the hardest to sign Raphinha, but are a long way off from bringing the move to fruition. Arsenal are working on strengthening in a number of areas with a top quality number nine at the top of manager Mikel Arteta's wanted list.

Spurs have been busy in the transfer market this summer, having signed Ivan Perisic and Frazer Foster on free transfers from Inter Milan and Southampton respectively. The north Londoners have made an approach for Middlesbrough's Djed Spence, while also having agreed to a £25 million fee for Brighton midfielder Yves Bissouma.

Chelsea have also shown interest in Raphinha, but their current focus remains on nabbing Dembele, who is available on a free transfer. The France international has decided not to extend with Barcelona, and is expected to join the Blues after having held talks with Thomas Tuchel.

Ousmane Dembele
Ousmane Dembele Cristian Trujillo/Quality Sport Images/Getty Images