Gunners confirm that Barca have established contact and spoken of a move for the 24-year-old midfielder, whereas the north London outfit insist that no offer has been made so far
The 24-year-old midfielder has been heavily linked with a move back to the Catalan club, having previously plied his trade for them before making a move to England.
For his part, the Spain international has maintained that it is his dream to play for the European champions at some point in his career.
Now Hill-Wood has confirmed that Barca have been in touch concerning a move for the World Cup winner, but insists that a formal offer has not yet been made.
"Yes, they have spoken to us about Cesc," he said, according to The Mirror.
"They have been in touch. But so far they have not made a bid and we do not want to let him go.
"But he comes from Barcelona so it is understandable if he wanted to go back. However, they have not made an offer so far."