Gazzetta dello Sport says the Gunners have been linked with the forward throughout January, and the Montenegrin is thought to be keen on a switch to north London.
Indeed, Vucinic is still anticipating a late move from the Premier League leaders.
The 30-year-old was part of a swap deal with Inter Milan midfielder Fredy Guarin last week, but the exchange eventually fell through.
With Arsenal lacking traditional centre-forwards, a deal for Vucinic could be forthcoming.
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