The 22-year-old exploded onto the scene during Napoli's surging run to the Serie A title last season, amassing 14 goals and 17 assists from 43 matches in all competitions.
No player provided more assists in the Italian top flight than Kvaratskhelia's 13 last season, and the Georgian collected a host of individual accolades alongside the Scudetto.
Kvaratskhelia was named the Serie A MVP and Young Player of the Season in the Champions League, having recorded two goals and four assists in nine games as Napoli reached the quarter-finals.
The Italian champions paid a mere €11.5m (£9.9m) to sign the winger from Rubin Kazan last year, but his sensational campaign has inevitably led to interest from the Premier League.
Newcastle United and Manchester City have hitherto been tipped to swoop for Kvaratskhelia, whose long-running contract until 2027 means that Napoli can afford to play hardball in negotiations.
Speculation surrounding the 22-year-old's future has died down in recent weeks, but according to Football Transfers, Arsenal are now considering whether to make a surprise swoop.
The Gunners apparently fancy their chances of pulling off a deal due to a positive relationship with Napoli's new sporting director Mauro Meluso, who recommended the January signing of Jakub Kiwior from Spezia.
Furthermore, Arsenal are said to be increasingly hopeful of striking an agreement due to the fact that star striker Victor Osimhen - who has also been tipped to leave Napoli - is now likely to remain in Naples.
However, the report adds that Mikel Arteta's side have seen their advances rejected in the past, and Napoli are still determined to keep hold of Kvaratskhelia for a little while longer.
Arsenal have already smashed their transfer record on the £105m signing of Declan Rice, as well as bringing Jurrien Timber and Kai Havertz to the club for £38.5m and £65m respectively this summer.
A plethora of sales will therefore need to be made before a move for Kvaratskhelia can be considered realistic, and the Gunners could be forced to make the attacker their most expensive arrival of all time to appease Napoli.
Arteta is well-stocked in the wide areas with Bukayo Saka, Reiss Nelson, Gabriel Martinelli, Leandro Trossard and Marquinhos all battling for minutes, while Gabriel Jesus and Fabio Vieira can also provide cover on the wings.
The Gunners are expected to turn their attention to outgoings over the next few weeks, but they are also rumoured to be considering a swoop for Brentford goalkeeper David Raya, who has been publicly valued at £40m by Bees boss Thomas Frank.
Arsenal's final pre-season match of the summer sees them take on Monaco in the Emirates Cup on Wednesday before they tackle Manchester City in the Community Shield on August 6.