Inter were expected to complete the surprise deal, which would have seen former Chelsea target Fredy Gaurin move in the opposite direction.
However, with Vucinic three years older than the 27-year-old Guarin, and on a considerably higher salary, Inter decided against completing the deal.
A statement on the club’s website read:
“Internazionale would like to announce that we have decided not to proceed in negotiations with Juventus for the transfer between Fredy Guarin and Mirko Vucinic.
President Thohir, after discussions with Massimo Moratti, his son Angelomario and with the company directors, considered that the conditions were not met, technical or economical, to reach an agreement and has already given a mandate to the technical team to evaluate other opportunities in the market, with the aim to strengthen in respect of the economic parameters set by the Financial Fair Play.”
That has put Arsenal back in the frame to land Vucinic, who looks set to leave the Old Lady this month.
The 30-year-old has struggled for first team football since the summer arrivals of Carlos Tevez and Fernando Llorente.
The Gunners are hoping to complete the signing of the forward on loan until the end of the season.