According to Spanish newspaper 'Mundo Deportivo', the Catalan club is ready to back away from the deal if significant progress is not made in the next week and a half.
Reports claim that the Arsenal right-back is desperate to return to his former club this summer but that Barcelona are beginning to grow tired with the lack of progress being made on the deal and that they may be forced to consider alternative targets.
The problem with the deadline however, is that Bellerin is currently away in Poland with the Spain U21 squad at the U21 European Championships.
The 'Daily Mail' reports that Barcelona believe that Bellerin would be the perfect long-term replacement for Dani Alves, though whether the deal comes to pass remains to be seen.