The promising full back will likely be swayed by Arsenal's head of football relations, Raul Sanllehi, who previously spent 14 years working at Barcelona.
According to Mundo Deportivo via Sport Witness, restrictions on youth contracts have prevented the Spanish giants from offering their youngsters better deals, allowing clubs from around Europe to sign many of Barcelona's young prospects.
This would not be the first time the Gunners have taken to signing players from Barcelona's youth set-up, having signed a 16-year-old Cesc Fabregas in 2003 and 17-year-old Hector Bellerin in 2011, both of whom came from the current La Liga champions.
Lopez will join a number a young players who may sign for the club this summer, including 22-year-old Lucas Torreira, who will reportedly sign for the north London club after the World Cup.
New Arsenal manager Unai Emery has also been reportedly interested in signing Sevilla midfielder Ever Banega in an attempt to replace Jack Wilshere, who has confirmed that he will leave the club when his contract expires later this month.
Barcelona will be disappointed if they lose the promising young left back, as he is described by the Spanish media as a 'mature, attacking full-back who can be used as an offensive weapon', according to Goal.
There is very little the Spanish side can do to prevent the transfer, as the player is only on a youth contract, which means that Arsenal will not have to pay a transfer fee.