The Gunners were eyeing Barcelona striker David Villa during the recently closed January tranfer window but the Catalans ignored Arsenal's approach despite the players interest to move to the Emirates Stadium.
Wenger believes Jovetic has the qualities of former skipper Robin van Persie after being watched on numerous ocassions by Arsenal scouts. Jovetic, 23, has been linked with Serie A giants Juventus and English Champions Manchester City.
Arsenal are prepared to break the club's current transfer record of £15million paid to sign Andrey Asharvin.
Meanwhile, Arsenal are also prepared to bring in a replacement for right-back Bacary Sagna. The French defender and te club are currently going through contract stand-off.
Sagna is reluctant to sign a new improved contract for 12 months which extends is stay at the Emirates until the summer of 2015, with his current salary being £60,000-a-week. Arsenal are refusing to improve their initial offer due to the players injury record.
Arsenal boss Wenger was satisfied with his this term, opting not to splash big during the January trasnfer window. Wenger signed Spanish left-back Nacho Monreal for £8.5million as a replacement for the injured left-back Kieran Gibbs.
The Gunners were linked with Atletico Madrid striker Adrian Lopez, Everton midfielder Marouane Fellaini and Fernando Llorente, who joined Juventus from Athletic Bilbao.