The Serie A giants have already agreed on a contract with Xhaka, which will see him pocket €2m per season, but they are yet to find middle ground over a deal with the Gunners.
Arsenal are holding out for €20m for Xhaka’s signature, which Roma have so far struggled to match.
And according to Italian daily Tuttosport, the Giallorossi need to offload full-back Florenzi this summer to raise funds to get into a financial position that will enable them to meet Xhaka’s asking price.
The defender was shipped off to Paris Saint-Germain on loan last season, but the French side opted to not trigger his €9m purchase option.
Roma are seeking the same amount for Florenzi’s signature from potential suitors in the ongoing window but they are yet to receive any offers for him.
Xhaka is keen to make the move to Roma and is excited by the prospect of playing for Jose Mourinho.
But Arsenal are standing firm on their asking price for the Swiss and it remains to be seen whether Roma will manage to match their demands in the coming weeks.