The Sunday Express reports that Wenger is keen to bring in Jovetic as a replacement for unsettled forward Robin van Persie.
Van Persie has recently been strongly linked with the likes of Paris St Germain, Juventus, Manchester City and Barcelona.
The Gunners faces competition from the likes of Chelsea and Manchester United in the race to sign Jovetic.
The highly-rated forward is valued at around £25million by Italian giants Fiorentina.
