The Premier League rivals had looked set to miss out on the 23-year-old, with Juventus said to have been in pole position.
However, since landing Carlos Tevez the Old Lady’s desire to secure the versatile attacker has cooled, opening the door for City and Arsenal.
Fiorentina are said to be resigned to losing the star man, but are looking to receive a respectable fee for his services.
It is thought that a figure in the region of £20million may be enough, which is within the reach of both English sides.
Jovetic himself may well be open to the switch with the pair both able to offer Champions League football and a realistic chance of competing for domestic honours.
The Viola star’s performances last term have made him one of the most sought-after attacking players in Europe, with a number of the continent’s elite sides all monitoring his situation.
Jovetic started his career with Serbian giants Partizan Belgrade before moving to Florence as a youngster in 2008.
Although he failed to match the expectations placed on his shoulders initially, he has since flourished into one of the best attackers in Europe.
Could Stevan Jovetic be a Premier League hit?
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