Barcelona remain Raphinha's preferred destination this summer and the player's representatives will give the Catalan giants more time to try and fund a deal.
The Brazilian winger is one of the hottest properties of this summer's transfer window, with a number of top clubs attempting to prise him away from Elland Road.
Arsenal have already made an official approach for Raphinha, hoping to get in ahead of Barcelona, but 90min can confirm that Leeds immediately turned down the Gunners' bid as it fell way below the club's valuation of their star asset.
Chelsea and Tottenham, both teams who can offer Champions League football, are also keeping tabs on his situation, while 90min can reveal that Arsenal's main Premier League rival could be West Ham - the team who tried to sign him in January. Raphinha was open to moving to London Stadium then and 90min understands that he would still consider a move there.
However, Raphinha's preferred destination remains Barcelona, though things are complicated to say the least. The club's precarious finances are making deals difficult to get over the line, and any summer business may be reliant on the sale of Frenkie de Jong to Manchester United.
Nevertheless, Raphinha's agent Deco is prepared to bide his time to allow Barcelona to get their affairs in order - 90min understands he is trying to persuade Leeds to do business for under £50m, although that is unlikely given the vast interest in his services.
Indeed, sources have indicated that it will take at least £55m for Leeds to consider parting ways with Raphinha, who has two years left on the contract he signed when joining from Rennes in 2020.
The Brazilian's stock has risen exponentially since then, and he was Leeds' standout player in a disappointing 2021/22 Premier League campaign. He bagged 11 goals in 35 outings, including a vital penalty in the win over Brentford on the final day of the season - a goal that helped the club secure their status as a top-flight club.