The Gunners have been linked with several attackers in the past month in a bid to get a perfect replacement for the Gabonese striker Aubamenayang, whose contract was terminated and was made to join Barcelona in the last January transfer window.
The Real Madrid striker has been able to endure a frustrating season at the Santiago Bernabeu this term and he looks more interested in bringing an end to such time, as he is planning to exit the club come summer.
The 24-year-old joined Real Madrid from Eintracht Frankfurt in a deal known to be worth around £56m, but he has failed to enjoy regular playing time, of which he was only able to partake in 13 leagues games for the Los Blanco this season.
Meanwhile, Arsenal had shown interest in signing Real Sociedad striker, Alexander Isak but Jovic would be a cheaper alternative to the Real Sociedad striker considering Isak's £75m transfer fee.