According to Tuttosport, the Montenegro international is considering his options and is expected to fly out to London for a medical on Thursday.
The clubs have reportedly agreed a straight six-month loan deal and are waiting for Vucinic to give the go-ahead.
It has been a traumatic week for the striker, who was on the verge of joining Inter in exchange for Fredy Guarin before the Nerazzurri pulled the plug.
He was said to be stunned by the experience, as he had already passed his medical and emptied his locker in Turin.
If Vucinic joins Arsenal – although he has also been linked with Tottenham – then this would open the door for Juventus to take Dani Osvaldo on loan from Southampton.
The Italy international is suspended after attacking teammate Jose Fonte in a training ground brawl.
“We like Osvaldo and other clubs like him too,” commented Juve general manager Beppe Marotta this evening. “He is an excellent player, but before buying anyone we need to sell.
“Vucinic? He will leave only if he asks to go.”