Sport says Barca are prepared to cash in on the Uruguay defender for a starting price of 100m.
Barca feel they have good coverage in central defence and can afford to let Arajo go, if the right bid comes in.
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Pau Cubars, Andreas Christensen, igo Martnez and Jules Kound are already in the squad.
In addition, Mikayil Faye is on his way up from Barca Atletic, and Eric Garca is on his way back from Girona.
However, Barcelona will insist on 100m to sell Araujo, with Manchester United and Bayern Munich in contact.
If such a bid comes through this summer, Barcelona plan to use the money to sign a midfielder and a striker.