The Gunners have been keen to land the Fiorentina striker before the end of the January transfer window and have already offered €60m (£50m) plus Lucas Torreria, who is currently on loan with the Serie A club.
Arsenal have also made it clear to the striker that he will become one of the highest-paid players at the club by offering a five-year deal worth €10m (£8.3m) per season, plus a major signing-on fee.
Vlahovic, however, has been hesitant over a move to Mikel Arteta’s side, with reports claiming that his preference is to join a team who he believes are in a better position to immediately win trophies.
Juventus were holding off in their pursuit of Vlahovic but according to La Gazzetta dello Sport, the Serie A club have now decided to make their move this month and have submitted a €70m offer.
The report claims that Juventus’ bid includes Dejan Kulusevski, who they value at €35m (£25.1m), plus €35m in cash.
The report claims that Juve is Vlahovic’s preferred destination this month and the Serie A club’s sporting director, Dejan Kulusevski, is now due to meet with the striker’s agent.
When asked about a move for Vlahovic this week, Arteta said: ‘The team are working extremely hard to get the players that we want and we have no news to give you.
‘We have a plan to try to bring players in and try to get the players we want with the right qualities and improve the squad in the best possible way every single window.’
Arsenal, meanwhile, are considering the prospect of offloading Pierre-Emerick Aubameyang before the window ends.
AC Milan, Juventus, Paris Saint-Germain, Marseille and Sevilla have all registered their interest.
Saudi Arabian side Al-Nassr are also targeting Aubameyang and would be willing to cover the striker’s £350,000-a-week salary in full as part of their loan agreement.
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