The Uruguayan is one of the high profile players the Catalan giants may have to sell.
Per Sport in Spain, the 25-year-old has been informed that he has a month to decide if he wants to stay or go.
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Araujo, who has a contract offer from Manchester United, can either renew his deal or be sold for a high fee this summer.
His current contract expires in 2026 and Barca do not want it to run down any further.
The club are under some financial pressure to sell one or two assets, as they seek to comply with La Liga FFP rules.