The 24-year-old, who is currently on loan at the Bianconeri from Sassuolo, is understood to have been the subject of interest from the Gunners among other English clubs, but the Italian ultimately arrived in Turin on a two-year loan with an obligation to buy.
Juventus will be ready to fork out a total of €25m next summer to make his stay permanent.
Arsenal to try again for Locatelli after failing to land him away from his homeland in 2021, with manager Mikel Arteta determined to bring a new playmaker to the club.
Locatelli is currently under contract at Sassuolo until 2024 and he has scored three goals and registered five assists from 49 games in a Juventus shirt.
The Italian has also missed out on a place in the national squad for September’s Nations League games due to his injury, and the Gunners boss Arteta has been struggling with a number of similar injury setbacks in the midfield area recently.