He is an England youth worldwide having played at under-17, under-18 and under-19 level.
He has played twice for the Arsenal first team this season, in Europa League ties against Red Star Belgrade and Bate Borisov.More news: Andrew Luck nearly ready to throw again
The talented midfielder was expected to have more opportunities under Wenger in the near future but he has instead chose to accept an offer from Barcelona to continue his career with the Catalans.
A Barcelona statement added: "McGuane's deal will keep him at Barca for three seasons, plus two option years. The buy-out clause has been set at €25m".
The youngster, who is due to turn 19 on Friday, has been a regular at Under-23 level for the Gunners and even captained the side shortly before each of his first-team games.More news: Irish busker, 12, gives spine-tingling performance on The Ellen DeGeneres Show
McGuane was also subject of interest from Rangers, but he turned them down.
The Gunners have often raided Barcelona's youth ranks over the years, landing the likes of Cesc Fabregas, Fran Merida, Julen Pleguezuelo and Hector Bellerin, but the Catalan giants have pulled off a similar move of their own.More news: U.S. releases list of Russian politicians, tycoons for potential sanctions
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