According to a report in The Daily Mail, Arsenal are tracking Isaac Cuenca and Cristian Tello, both 20, while Chelsea are after midfielder Jonathan Dos Santos, 21.
Barcelona are also willing to offer Spurs some players as part of the exchange deal.
A similar deal was struck with Chelsea in the summer following the sale of Oriol Romeu, Barca can buy back the player for £8.7million after one year or £13million after two.
With financial constraints at Arsenal, manager Arsene Wenger may also favour the idea of signing some of Barcelona's youngsters rather they pay £30 million for Lille forward Eden Hazard.
Bale himself has reportedly been a target for Barca for sometime and could command a fee of around £35million.
Source: DSG
