Vlahovic has taken Serie A by storm with Fiorentina and is widely considered to be one of the most promising strikers in world football.
A host of clubs are keen on the Fiorentina man, who has been eyeing a possible move in the summer, but Arsenal want to sign him this month.
It is claimed that the Gunners, who would have to splash the cash to sign him, feel that grabbing Vlahovic could mean they finish in the top four this season.
They believe the finances needed to sign Vlahovic are within reach, but they still have work to do to convince him to leave Fiorentina for north London this month.
The club could find it more difficult to land the striker in the summer, when other sides are expected to aggressively enter the mix for his signature.
Vlahovic has scored 16 times in just 20 Serie A games this season, further boosting his reputation.
He is just 21 years old and has refused to extend his contract with Fiorentina, which is due to expire in the summer of 2023.
