The Gunners chief is thought to be keen to add some firepower to his squad ahead of next season, in a bid to challenge for the Premier League title once again.
He was expected to make another approach for Barcelona’s David Villa, after seeing a reported January move rebuffed, but has instead set his sights on Jovetic.
The 23-year-old is seen to be a better long-term option by Wenger, who is believed to have the funds in place to spend big this summer.
Fiorentina are keen to keep hold of their star man, but another season without Champions League football may persuade the front-man to consider his options.
It’s unclear as to what fee the Florence-based side would accept, but they are likely to hold out for a sizable sum.
Wenger will face much competition for Jovetic, with Juventus believed to be highly interested.
The Serie A champions had an approach turned down ahead of the current season, but are likely to return with a refreshed bid.
Arsenal are also thought to be keen on Atletico Madrid’s Adrian Lopez as well as the much sought after Edinson Cavani.