Spanish side Valencia are keeping tabs on Mirko Vucinic and are prepared to join Arsenal in the race for the Juventus striker, reports in Spain claim.
The Gunners were reportedly in pole position to sign the striker after the Bianconeri made him avaliable to leave on loan until the end of the season.
However, according to Spanish newspaper AS Valencia are trying to hijack the deal as they are looking to strengthen their attacking options following the departures of Helder Postiga to Lazio and Dorlan Pabon to Sao Paulo.
Arsenal have been monitoring Vucinic's situation throughout the month of January but negotiations cooled last week after the striker accepted an offer to join Inter in part of a swap deal involving midfielder Fredy Guarin.
However, Vucinic's move to Inter collapsed at the very last minute and with Arsenal yet to make any additions this January the Gunners have renewed their attempts to secure his services.
With Fernando Llorente and Carlos Tevez leading Antonio Conte's attack, the 30-year-old has started just four Serie A games this season and despite scoring two goals in his limited opportunities Juventus are willing to sell him during this transfer window. The club have also approached Southampton's wantaway striker Pablo Daniel Osvaldo as a replacement for the Montenegrin.
Arsene Wenger has admitted a number of times that Arsenal are in the market for a striker after Theo Walcott was ruled out for the rest of the season – leaving Olivier Giroud as the only consistent forward in the squad with Nicklas Bendtner his only additional cover.
The north London club are currently second in the league after being displaced at the top by Manchester City and Wenger is desperately looking strengthen his squad before the transfer window closes to increase the Gunners' chances of securing their first Premier League crown in 10 years.
Real Madrid youngster Alvaro Morata and Benfica's Rodrigo have also been linked with a move to Arsenal this month.