Despite impressing in a limited role in his first few years after breaking into the first-team picture at the Catalan giants as a 20-year-old, Tello has not played a single game for the Catalan giants in the last two years after struggling to hold down a regular place.
He has instead been loaned out to gain regular action, spending a largely successful 18 months at Porto before signing a deal with Fiorentina in January.
Barca are widely thought to be keen to cash in on the 24-year-old as they have numerous other options on the wing and in attacking midfield, and it had been reported that both Liverpool and Southampton were interested.
However, Italian publication Corriere dello Sport has claimed that the player has turned down offers from both Premier League clubs because he is keen on returning to Serie A side Fiorentina next season.
Tello is a talented and lively attacking player and so that snub will come as a blow to both the Reds and the Saints, but it could also be seen as a negative for Barca, who are keen to sell.
According to the report, Fiorentina want to bring the Spaniard back on another loan deal for 12 months, with the option to buy the player permanently in a year's time for a fee significantly lower than the one suggested by the La Liga club in January.
However, Tello appears to be digging in and refused to even consider the prospect of moving to the Premier League at Anfield or St. Mary's as he is so keen to stay with La Viola.