The Serbia international was rumoured to have been on the Gunners' radar, with a recent report claiming that the North London club had agreed to pay £68m to secure his signature.
However, Vlahovic's entourage are supposedly no longer accepting calls from Arsenal, and Pasqualin believes that the financial aspects of the Gunners' offer could have been the deciding factor.
Speaking to FirenzeViola.it, Pasqualin said: "At the base there is the existence of bigger offers. Evidently he has contacts, relationships and perspectives with teams that offer more.
"Arsenal are one of the most coveted teams in the world, but if Valladolid is on duty that offers double, one thinks about it ... At the base I see the economic aspect more relevant. he goes to play there: it wouldn't be shocking, he has the numbers to do it."
Tottenham Hotspur are also being tipped to battle for the signature of Vlahovic, who has rebuffed Fiorentina's events to tie him down to a new deal beyond 2023. body check tags ::