Rafinha has only made one appearances for Barcelona this season Getty

Inter Milan are said to have issued an ultimatum to Barcelona to tell them to accept their final offer for Rafinha Alcantara before midday on Friday (19 January) or else risk them turning their attentions to another target.

Mundo Deportivo claim that the Italian giants are offering to take the versatile midfielder on loan until the end of the season in a deal that would include an option to buy him on a permanent basis in the summer for €35m (£31m, $42.9m).

However, Barcelona are yet to reply to that bid with the Catalans demanding the option to be obligatory.

Mundo Deportivo suggest that Ernesto Valverde's side would be keen on lowering their demands to around €30m, but they want guarantees that Inter will certainly sign Rafinha in the summer.

The report adds that Barcelona are also delaying the deal in the hope of receiving a more lucrative offer from the Premier League before the 31 January transfer deadline.

Catalunya Radio recently said that Arsenal were monitoring the situation, with Arsene Wenger on the hunt for reinforcements to fill the gap left by the imminent departure of Alexis Sanchez to Manchester United.

Meanwhile, Celta Vigo sporting director Felipe Minambres recently admitted that he was interested in taking Rafinha to Galicia on loan after the Brazilian already spent the 2013-14 campaign at Balaidos.

However, Mundo Deportivo say that Rafinha is determined to join Inter and does not want to listen to other offers.

The Spanish publication reiterates that the 24-year-old midfielder and the Serie A giants have already agreed personal terms, with Inter ready to cover his Barcelona wages until the summer and for three more seasons if they buy him on a permanent basis.

One way or another Rafinha is expected to leave the Nou Camp this month to help the Catalans to balance their books following the big-money arrival of Philippe Coutinho from Liverpool and the addition of Yerry Mina from Palmeiras.

It has been said that Barcelona's priority would be to part ways with him on a permanent basis but they could consider a loan deal to at least cut his huge salary from the wage budget.

Barcelona already did similar with Arda Turan earlier this month by sending the Turkish midfielder to Istanbul Basaksehir. The likes of Gerard Deulofeu and Aleix Vidal are expected to follow the same path before the end of the window.

Rafinha used to be considered as one of the next big things to come out of the Barcelona academy but serious injuries have hampered his progress through to the first team. The Brazilian enjoyed a successful first half of last season under Luis Enrique but a severe knee problem sustained in April kept him on the sidelines for more than eight months.

Rafinha was given medical clearance to return to action in December but has since made only one appearance under Valverde, playing the final 12 minutes of the 1-0 Copa del Rey quarter-final first-leg defeat to Espanyol on Wednesday (17 January).

It was later said that the player remains outside of Valverde's plans for the second half of the season, but that the Barcelona boss made him play in order to put pressure on Inter to increase their bid.

Now, according to Mundo Deportivo, the Italians are the ones pressing Barcelona with a final decision thought to be close.