The Gunners have been linked with the Fiorentina midfielder as they go in search of a replacement for Aaron Ramsey in the summer.
Fans in England might remember the Frenchman from his ill-fated spell with Aston Villa.
He moved to the club in the summer of 2015 but struggled to settle as Villa were relegated with just 17 points.
He has since gone on the become one of the most highly-rated midfielders in Serie A and was expected to move to Napoli after it was claimed a deal had been agreed.
However, agent Mario Giuffredi insists nothing is set in stone as he gave Arsenal some encouragement over a potential deal.
“As far as I know, Fiorentina have not given the all-clear for Veretout to join Napoli,’ he told Radio CRC.
“The problem is they [Fiorentina] don’t currently have a director of sport, so I don’t know who to communicate with.
“I also have no guarantees that Vincenzo Montella will remain as coach, it’s all up in the air after the club’s takeover [by Rocco Commisso].
“There are four or five important clubs who want Veretout, in Italy and abroad.]
“I don’t like to name names, but we’ll see what happens and who steps forward to close the deal.
“Jordan is one of the best in Europe. He has the quantity, quality and much more and he deserves a big club.”
Gunners boss Unai Emery is looking to revamp his squad this summer although he will only have around £40million available to spend.
Emery needs reinforcements in almost every area and has also been linked with Bournemouth winger Ryan Fraser.
The Scot admitted he was unsure about his long-term future with the Cherries when he was asked about potential interest from Arsenal.
“The lads have been asking,” he told BBC Sport. “I don’t know myself so there’s no point thinking about it, wherever I’ll be, I’ll be.
“I don’t know what is happening. I’m not just saying that.”
