The report claims that Barcelona technical secretary Robert Fernandez has added Walcott to the club shortlist and that the La Liga champions could make a move for the England international in January.
Barcelona are looking to strengthen the squad for the second half of the season following injury to Rafinha who is out for at least another six months with a cruciate ligament injury.
Walcott has scored 11 goals in his last 12 starts for Arsenal but has only been selected in the starting XI twice this season. The 26-year-old does however, still have another four-years left on his Arsenal contract.
The reigning Champions League title holders cannot currently register new signings due to the FIFA transfer ban.
Barcelona signed Arda Turan on a £24 million move from Atletico Madrid over the summer window but are unable to register the Turkish international until the turn of the year.
Should Barcelona complete the signing of Walcott he would however, be able to play immediately as the ban will have been lifted.
The Spanish giants are currently fourth but will move into first place with a victory over Levante today at the Camp Nou.