Mauro Zarate's agent claims Arsenal are interested in signing the Argentine star.
The Lazio striker has previously impressed in England with Birmingham, and he has continued his good form in Serie A.
Zarate joined Lazio in 2008, but he is now being linked with a move to Arsenal and his agent claims to have held talks.
"I am in contact with Arsenal," Jose Alberti is quoted by the Italian media.
"A couple of days ago a leader of the English club asked me about him.
"Arsenal wants to increase their attacking options and so already they are preparing an offer of €40million which they will deliver to Claudio Lotito [Lazio president]."
Alberti also claims that Manchester City tried to sign Zarate in the summer but Arsenal could now seal a deal for him.
"Their intention is to succeed where Manchester City failed in the past year - that is to take Zarate back to the Premier League," he said.
"Maybe this time they will succeed and from what I know Mauro is tired of the situation at Lazio."
Zarate was recently criticised by Lazio coach Davide Ballardini and Alberti admits he is angry at the way his charge has been treated.
"I am still speechless about that," he said.
"It is absurd behaviour, Zarate is tired of this situation - having to play all but alone, because all around him he is finding less and less quality.
"Zarate is not happy."
Arsenal could now be ready to take advantage of Zarate's situation in Rome, with manager Arsene Wenger confirming he is likely to make a move for a striker this January.
Along with Zarate, Real Madrid's Gonzalo Higuain has also been linked in the past few days.
But unlike Zarate, he appears more than settled where he is.
"It would be nice to end my career here," said Higuain.
"Real Madrid and the city of Madrid is my second home. I would like fans to remember me as a great person, humble and hardworking."