ESPN have reported that the Catalan giants are closing in on the signing of Rayo Vallecano youngster Fabian Luzzi.
The 16-year-old has been training with the first team in the second half of the season, but is yet to make his professional debut.
The report claims that Real ended their interest for the Brazilian-born attacker after finding out how much Blaugrana were prepared to offer the player.
Should Luzzi sign with the Catalan giants, he will go to the club's under-19 side with an intention of advancing to the Barcelona B-team, who are close to securing promotion to the second division.
Barcelona director Xavier Vilajoana is hopeful of completing a deal for the rising talent soon.
"We will fulfil the agreement we had. He's really skillful and could give us a big boost."