The Paraguay international striker almost moved to Fulham during the January transfer window, but could yet leave Germany as the Super League side hope to bring him to China
Sina Sports claims that the big-spending side, who made global headlines last year when they signed Dario Conca for a reported €10m, want to sign the Paraguay international in the upcoming northern summer.
According to the report, Dortmund would demand a fee of approximately €15m for Barrios, who almost left the club in January for Fulham.
Guangzhou are understood to want to pay the transfer fee in two instalments, 30 per cent in the summer and the remaining 70% in January 2013.
The Chinese champions have previously made it clear that they want to succeed in the 2012 AFC Champions League, which begins on March 6.
If the deal goes through, both the transfer fee and the player's salary will be the highest ever in Chinese football history, breaking Conca's record.
Barrios has scored 45 goals in 94 appearances for Dortmund since joining them from Chilean club Colo Colo in 2009, but has found opportunities scarce this term due to the rise of Robert Lewandowski.