Barcelona have offered Paris Saint-Germain a €190million deal for Neymar, ESPN reports.
It is understood that PSG have rejected the bid, which would see Neymar return to the Camp Nou on loan.
Barca offered an upfront sum of €40m cash for the loan, with a future obligation of €150m to sign the Brazilian star permanently next summer.
PSG's Qatari owners have been disappointed by the attitude of Neymar this summer and are ready to let him leave.
But the Ligue 1 champions will only sanction a move, if they can recoup as much of the €222m they spent to bring him to Paris from Barcelona in the summer of 2017.
They also believe that Barcelona will not be able to pay the transfer fee in one lump sum next summer, should they make the move permanent and would ask to pay in annual installments, which is not ideal for the French club.