The news emerges as manager Arsene Wenger admitted he is 'afraid' of Chelsea's planned summer splurge.
The Gunners have watched Jovetic, 23, since 2011 and while the Serie A club value him at around £25million, Arsenal — who have around £70m to spend — are determined to agree a lower fee.
The club's decision to make an early move for Jovetic is significant as Manchester City and Juventus are both keen on the forward. Any deal would depend on Arsenal qualifying for the Champions League next season.
Wenger, also looking to sign a new first-choice goalkeeper, has tracked Hamburg's Rene Adler since March. Sportsmail understands a senior scout will run the rule over the 28-year-old again on Sunday against Schalke. Having been quoted £15m for Stoke's Asmir Begovic and Sunderland's Simon Mignolet, Arsenal see the Germany international's £8m fee as a more viable option.
Wenger will want to strengthen his squad given Chelsea's transfer plans. Bayer Leverkusen attacking midfielder Andre Schurrle is close to arriving at Stamford Bridge, while it looks increasingly likely that Atletico Madrid striker Radamel Falaco will also sign.
Wenger told Eurosport: 'I'm afraid of what Chelsea can do in the summer. We have to be prepared for them to be one of the biggest movers in terms of investment.'
Meanwhile, Alex Oxlade-Chamberlain has admitted he has found it hard to live up to the hype.
The winger has struggled to cement a place in Arsenal's first team and has started just 11 Barclays Premier League games this season. 'The hype was created after my first season (2011/12) with Arsenal and you're expected to be a world beater the following campaign,' said the 19-year-old.
'This season there have been good parts, but there have been frustrating parts which I have learnt from.'
[UK Mail]
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