The deal would make the 28-year-old the richest player in the Premier League.
Manchester United, Liverpool and Inter Milan have also been linked with the Barcelona striker, according to News of the World.
Barca president Joan Laporta declared: “A lot of clubs would like Eto’o in their team. We will do our best in order to renew his contract, because, in my opinion, he is the best striker in the world. But we have a wage structure that we will respect.
“We’d like to renew the contract with Eto’o but not at any price. In this global economic crisis, we have to be an example as well. I hope he understands and we will see in the next weeks.”