The Juventus star has 18 months remaining on his contract with the Italian side and has so far shown no indication that he's willing to pen fresh terms.
As a result, Juve are open to offload him - but only if they bring in a replacement for the Serbia international.
It's understood that a loan is the most likely option for the player, with Arsenal now considering their options.
In a classic transfer domino effect, the Gunners' pursuit could be aided if their fierce rivals miss out on a target.
That's because Juventus are confident of beating Tottenham to the signing of Kolo Muani from Paris Saint-Germain.
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A deal for the PSG forward would pave the way for Vlahovic to move on from the Old Lady, freeing Arsenal up to make a move.
Vlahovic has scored 53 goals in 124 games since joining Juventus from Fiorentina, including 12 in 23 so far this term.
The Serbian striker was a top target for Arsenal in January 2022, but opted to join Juve instead in a deal worth £66million.
talkSPORT understands Vlahovic was offered to Manchester United in a swap deal for Joshua Zirkzee earlier this month.
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Though it appears the Dutchman is willing to fight for his future under Ruben Amorim - just six months after arriving from Bologna.
For Arsenal, the need for a new striker has stepped up in recent days.
That is due to the significant injury blow suffered by Gabriel Jesus.
The Brazilian forward picked up the injury in an awkward collision with Bruno Fernandes in the FA Cup third round defeat to United on Sunday.
Jesus left the pitch on a stretcher and looked in serious discomfort, with Mikel Arteta admitting post-match that the prognosis wasn't good.
Speaking immediately after the match, Arteta said: "No update, but it's not looking good.
"He was in quite a lot of pain, he had to come off on a stretcher and it's not looking good."
As it stands, Kai Havertz, who was guilty of a shocker in the FA Cup exit to United, is the club's only recognised striker.
Mikel Arteta's only other options would be to deploy wingers Leandro Trossard and Gabriel Martinelli in a false No.9 role.
The club's situation led to Arsenal fan Piers Morgan urging his club to 'break the bank' to sign Alexander Isak from Newcastle during his appearance on the talkSPORT Breakfast show on Monday.
However with Eddie Howe's side unlikely to sell their star man for less than a nine-figure fee, a move for Vlahovic could be a more cost-effective deal.