The Gunners were rumoured to have agreed a deal in principle with La Viola for the transfer of Vlahovic, thought to have been in the region of £68m.
However, an agreement has reportedly not been reached with the player as Tottenham Hotspur, Liverpool, Manchester City and Juventus closely monitor developments.
Now, transfer expert Gianluca Di Marzio has claimed that Arsenal's attempts to come to an agreement are proving futile, telling Sky Italia: "In January it is an impossible operation, because Fiorentina are asking for €80m (£68.4m).
"In June, Juve are in the running as well as many teams. The team most interested in Vlahovic for January is Arsenal. The English club has established a dialogue more than positive with Fiorentina and would be willing to satisfy the requests of the Viola club to reach an agreement.
"The problem is that Arsenal are unable to speak to the player's agents, they do not answer the phone. The Gunners want to talk to the boy to explain their project to him, but these lack of answers make it impossible to enter into a negotiation."
Vlahovic already has eight goals to his name from 12 Serie A appearances this season and is due to become a free agent in 2023. body check tags ::