The London club were trailing Andre Gomes last summer and were reportedly ready to push the deal through on deadline day before the La Liga leader's demands proved too much.
However, David Moyes is allegedly willing to try again to bring the 24-year-old to the London Stadium, if they can skillfully negotiate Barca's conditions.
The Catalan club are said to be looking for a fee in the region of £30m for the Portugal international but Moyes would prefer to sign him on a loan deal first to see if he can cope with the physicality of the Premier League.
The English newspaper claim that Barcelona's board may consider this as long as a compulsory purchase option is included in the deal, which would be activated if the player starts a percentage of matches in the second half of the season.
It is this condition which is reportedly the sticking point of the negotiations, with West Ham falling foul to a compulsory purchase before with their flop striker Simone Zaza, who was on loan from Valencia.
If this issue can be smoothed out between the two clubs, West Ham would be gaining a midfielder who has featured 67 times for the La Liga leaders and his experience could be invaluable for Moyes' side going into the remainder of the season.