The Gunners were beaten two years ago by Juve to the signing of Vlahovic, when he was with Fiorentina.
Transfer expert Fabrizio Romano is reporting Arsenal intend to try again for the Serb in January.
An approach is being prepared, with the Gunners ready to bring in Vlahovic for the New Year.
There is now an acceptance inside Arsenal that they need to add a new centre-forward to manager Mikel Arteta's squad.