But according to football.london, the Gunners could lose out after Vlahovic told close friends that he would prefer a move to Juventus or Inter Milan.
With Aubameyang having been dropped from the side and stripped of the captaincy after repeated disciplinary breaches, the Gunners have turned to Alexandre Lacazette and Eddie Nketiah.
The duo have fared well, with Lacazette scoring and assisting five goals in his last five games.
But with both of their contracts up in the summer, Arsenal must strengthen their attacking department if they are to successfully replace the goals they may lose.
A fee of £60million has been touted for Vlahovic which they are reportedly able to pay, although the Gunners may struggle to agree terms with his representatives.