According to La Gazzetta Dello Sport, Arsenal have made initial contact with the Argentine striker's agent Nicolas Higuain, who is also his brother over a summer move to the Emirates Stadium.
Arsene Wenger is said to be looking at bringing in a top quality forward in the summer to challenge Olivier Giroud for a place in the first-team. The Gunners are preparing to mount a title challenge next season, after finishing this campaign strongly with a third place finish in the Premier League and a record breaking 12th FA Cup title.
The Frenchman has been on the trail of the former Real Madrid striker for the past two years and it is believed that he is ready to make a move for him this summer, with the report claiming that Arsenal are preparing to offer the Serie a side £29m ($44m) for the Argentine international's services.
Higuain has been impressive for Napoli since his arrival in 2013 and has scored 51 goals in 98 appearances, which has attracted the interest of various top clubs across Europe.
United and Chelsea have made their interest known, with Louis van Gaal and Jose Mourinho looking to bolster their forward lines ahead of next season. Both the Premier League big guns have been linked with big money moves for the striker.
It is believed that the striker could be open to a move in the summer after the club failed to qualify for the Champions League and moreover, they have lost manager Rafael Benitez, who has filled the vacant managerial spot at Real Madrid following the sacking of Carlo Ancelotti.
However, the report claims that the Serie A club are unwilling to sell for the above mentioned price and will expect interested clubs to pay closer to the £40m mark for the Argentine international, who is contracted to the club until the summer of 2018.