The 27-year-old reportedly requested that the Gunners terminate his contract to enable him to join the La Liga outfit on a free transfer, according to Estadio Deportivo.
However, the club have reportedly stated that they will not allow him to leave for nothing. Other clubs like AS Roma, Juventus, Fiorentina, Inter Milan and Juventus are also interested in the Arsenal right-back.
Bellerin spent last season on loan with Real Betis and impressed for the Andalusian outfit, with 32 appearances made in all competitions.
His performance at Benito Villamarin has convinced the club's hierarchy to make the move permanent. Los Verdiblancos are seemingly at the head of the queue to sign Bellerin.
The interest is mutual, with the Spanish right-back also keen to return to home country.
The time might be right for Hector Bellerin to write a new chapter in his career after a decade at Arsenal
Hector Bellerin began his football development at the famed Barcelona academy La Masia before joining Arsenal as a teenager in 2011. He made his first-team debut two years later and soon became established as the club's first-choice right-back.
The 27-year-old's performance for the Gunners fluctuated, although at his best, he was one of the best right-backs in the world.
This much was highlighted when he made it to the PFA 'Team of the Year' in 2016 and also won his first international cap that year.
However, a long-term knee injury in 2019 halted his progress and he soon lost his place in the starting lineup.
This lack of regular gametime prompted the Spain international to seek a new challenge elsewhere. His time at Real Betis saw him play at the highest level regularly once again, which is a requisite for a player his age.
Bellerin is in his prime and he needs to be playing regular football. However, that cannot be assured at Arsenal, with Takehiro Tomiyasu having settled in nicely at right-back since his move from Bologna last year.
Hector Bellerin's record of 239 appearances in all competitions for the Gunners highlights his contributions over the last decade. But it might be time for him to move on and seek a new challenge elsewhere.