Gunners chief Arsene Wenger is rumoured to have been watching the Colombian international closely over the past few weeks ahead of a move for his services in the New Year.
But, La Viola are desperate to keen the versatile wide-man, and are ready to offer him a significant pay rise to stay in Italy.
Cuadrado only penned a permanent deal with the Florence side in the summer following a successful loan stint with the club.
Despite having some time to run on his contract, Fiorentina are keen to make a statement by tying him down for the foreseeable future.
Cuadrado has been in excellent form for the Serie A giants this term, notching four goals from the wing.
The South American has spent much of his career in a defensive role, but has been revelling in a more attacking position this season.
It had been rumoured that Fiorentina would be willing to accept a £20m offer, however their desire to keep the 25-year-old may see such a bid from Arsenal end in disappointment.
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