Arsenal have offered Fiorentina £46m plus Lucas Torreira for the signature of Dusan Vlahovic, according to a report.
Torreira fell out of favour at the Emirates Stadium under Mikel Arteta and also struggled on loan at Atletico Madrid, but he has become a mainstay of the Viola side this season.
Arsenal are widely expected to sanction a permanent exit for Torreira in 2022, with a £12.6m transfer to Fiorentina at the end of the season mooted.
However, Gazzetta dello Sport now reports that Torreira could be used as part of a deal for in-demand frontman Vlahovic, and the Gunners have also offered £46m in cash.
The outlet adds that La Viola are yet to respond to Arsenal's offer, but Vlahovic has already hinted that he wants to stay with Fiorentina for the rest of the season while they challenge for Europe.
Vlahovic has struck 16 goals in 20 Serie A games for Vincenzo Italiano's side this season to sit atop the goalscoring charts - three higher than second-placed Ciro Immobile.
The Serbia international is already confirmed to have rejected the chance to stay at Fiorentina beyond 2023 and is also being linked with Tottenham Hotspur, Real Madrid and Manchester City.
