Calciomercato.it says the Gunners are lining up a raid on Juve for Giovinco, who is about to enter the final year of his current deal.
The midfielder's agent Claudio Pasqualin admits he could be on the move this summer.
"Sebastian still has one more year on his contract," Pasqualin told Radio Reporter. "We're just going to have to wait and see what happens.
"If the club come to us with an extension, then that's fine. But if not, we'll have a look round for other clubs."
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