Vlahovic looks set to move on from Fiorentina this year with a host of clubs chasing his signature
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And it's claimed Arsenal have made their move for the 21-year-old with a cash-plus-player offer.
The Gunners have tabled an opening bid of £50m, as well as Torreira, who is currently on loan at Fiorentina, according to Corriere Della Sera.
The Uruguayan doesn't have a future at the Emirates as he joined the Italians on a season-long loan in the summer.
Fiorentina have an option to buy the midfielder at the end of the season, but Arteta's men are willing to sweeten the deal for Vlahovic now by handing him over permanently.
Ian Wright has urged his former club to get a deal for Vlahovic over the finish line.
"Arsenal have done fantastic business up until this point," Wright said on The Kelly and Wrighty Show. "I believe they do need to get another striker, even if everything can be sorted with Aubameyang.
"I’m hearing Vlahovic from Fiorentina. We need that player who can be between Lacazette and Aubameyang.
"I don’t know what’s happening with Laca, I’d love him to stay, I don’t know what’s happening with him, and we don’t know what’s happening with Aubameyang.
"But if we can get that striker, that hard-running striker who is good at the link-up play and is a good finisher – which Vlahovic is – then you’re starting to think it’s starting to happen now for Arsenal."
Dusan Vlahovic is linked with a move to Arsenal
(Image: NurPhoto/PA Images)
Former Arsenal man Nigel Winterburn also reckons Vlahovic would be a shrewd acquisition as he could provide "something different" for the Gunners.
"We’re being linked with a lot of young strikers but I do like Vlahovic from Fiorentina because he looks like he can offer something different,’ ex-Arsenal full-back Winterburn told Paddy Power.
"He scores all sorts of goals. He takes penalties, he scores from close range, and from the edge of the box. He’s left-footed and looks powerful and strong.
"There seems to be a big push from Arsenal and he’s the one name that keeps coming up.
"It will be interesting to see how that develops but like everything, if he does come to Arsenal, I’m only interested in what he does when he’s at our football club. He would be an interesting signing."