Vlahovic has scored 17 goals in 19 games for Fiorentina this season and currently leads the Serie A goalscoring charts after striking 15 times in the league.
Arsenal are however not the only Premier League team interested in the striker.
Manchester United are also reportedly in the race for the 21-year-old, who recently rejected a club-record offer to extend his stay at Fiorentina, while Newcastle are said to be preparing an £85million offer for him.
Although Smith has urged Arsenal to make a move, Vlahovic is reportedly not convinced by the prospect of joining the Gunners.
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