By London correspondent Tony Hughes

Hector Bellerin is set to sign a new Arsenal contract within the next fortnight, according to a report.

Spanish publication Sport claim Barcelona have ruled out the possibility of capturing the right-back because he is on the verge of extending his Gunners deal.

It is said that the Spanish champions have “direct information” from Arsenal that Bellerin will put pen to paper in “one or two weeks”.

This comes after the Times reported the Gunners have offered the Spain international a five-year deal that would almost double his pay packet of £50,000-a-week to £100,000-a-week.

Manchester City have been strongly linked with a move for Bellerin, 21, in recent months as Pep Guardiola attempts to strengthen the club’s full-back positions.

Barcelona, who lost Bellerin to Arsenal on a free transfer in 2011, are also interested in bringing the Catalan back to the Nou Camp. Their vice-president Jordi Mestre said recently: “He’s a great player, there’s no doubt.”

Bellerin has emerged as the Premier League’s best right-back over the past 12 months and was rewarded for his excellent form by Arsenal with an improved deal in the summer of last year.

The 21-year-old has continued to make huge strides and has been an integral member of Arsene Wenger’s side this season.

Bellerin has started 13 of Arsenal’s 14 Premier League and Champions League matches, virtually ending the Gunners career of Mathieu Debuchy.

Wenger admitted last month that Arsenal are keen to tie the Spaniard down to a new contract.

At Barcelona, Bellerini was a member of the club’s famous La Masia academy and worked under Guardiola.

Making additions at full-back has been made a priority by City, as Gael Clichy, Bacary Sagna and Pablo Zabaleta have all entered their thirties and will soon need replacing.

In other Arsenal transfer news, the club have £149million to spend on new players.