Barcelona vice-president of finance Javier Faust has confirmed that the club will make €40m available for new players in the summer.
The Blaugrana were expected to return with another offer to the Gunners for the Spanish international midfielder at the end of the season.
But speaking to broadcast RAC-1, Faus commented that their revised figure for expenditure on new players will have an impact on their ability to actively pursue the former La Masia trainee.
He said: “It will affect our assessment of the Arsenal player. Another thing is the desire of the player to come, and any agreements or promises he may have with his coach, when he promised to remain for another two seasons.
“The club cannot spend more than this figure, not to sign Cesc, but to strengthen our staff for next year. The economy cannot support Barca suffering a net amount of transfers more than €40m. It should be added that in this figure would be a hypothetical transfer of another player.
“Last season, we offered Arsenal €40m for Cesc, and they refused to enter into negotiations on the issue.”