Arsene Wenger has been targeting Jovetic for months now and has sent scouts to monitor on a weekly basis. However, they face competitiion from Milan clubs who could persuade him to stay in Serie A.
The Gunners are ready to break their transfer-record with a £20 million offer but the Milan clubs too are willing to tempt Fiorentina with a £15m to £20m bid.
Jovetic, who has 10 goals in 21 caps for his country, will face England on Tuesday night in the World Cup qualifiers.
Meanwhile, Arsenal are unlikely to bid Barcelona striker David Villa with the Catalans willing to offer the striker with a new deal, but the Gunners are interested in signing Villa's attaacking team-mate Alexis Sanchez.
Sanchez has failed to adapt to the Barcelona style and has lost his starting place to Villa alongwith Pedro Rodriguez for competition.
Arsenal feel a loan deal will work perfect but the Catalans would want to sell the Chile international whom they bought for £22million in 2011.
Jovetic, 23, reckons the Premier League is the 'strongest league in the world' and is not sure about his future with Fiorentina.
Manchester City are believed to be interested in Jovetic and could beat Arsenal by negotiating a huge offer for the striker.