Alves has moved down the pecking order at the Nou Camp this season, with Tito Vilanova preferring to play either Adriano Correia or Martin Montoya in his position, so he could be about the leave the Catalan club.
At the moment, Barca sit nine points clear at the top of La Liga, so Vilanova will not want to be making any big changes to his starting line-up.
This news seems to have put Arsene Wenger on red-alert and if he can land the Brazilian in the New Year, might then look to cash in on Bacary Sagna, who looks reluctant to sign a new contract at the Emirates Stadium.
29-year-old Alves can be one of the best full-backs in the world on his day and would offer the English Premier League side bags of experience.
In truth, the Gunners faithful might rather see Alves at the club than Sagna, so Wenger could be about to do a fantastic bit of business.
If the price is right, it is thought Barcelona will let him leave.