Flashscore sources have played down the prospect of any imminent move, with people close to the situation in Italy seeing little indication that the situation is currently progressing.
However, it is understood the 26-year-old is not considered untouchable in Turin, leaving room for developments if Arsenal decide to turn their interest into something more concrete.
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The Gunners have reportedly begun assessing Cambiaso, whose ability to operate on either flank and in midfield makes him an attractive option for a club looking for tactical flexibility. Previous interest from Manchester City, Chelsea and Barcelona also illustrates the regard in which he has been held across Europe.
There are reasons to believe Juventus could listen if the right offer arrives. The club were open to selling Cambiaso during the summer for financial reasons but failed to find an agreement. An offer in the region of €30-35 million or more could prompt them to pursue future business.
His situation within the team may also be a factor. Before an ankle injury interrupted his season, Luciano Spalletti had preferred to use Zeki Celik on the left side. That selection is not necessarily a definitive judgement on Cambiaso's standing, but it does raise questions about his role under the Juventus coach.
There is also a feeling that Cambiaso's level has dipped slightly, potentially making a substantial offer more tempting than it might have been in the past.
For Arsenal, though, the financial and footballing calculations would still need to make sense.
Juve's willingness to entertain a sale does not mean the Gunners are yet ready to pursue one, and the current indications remain that their interest is at an early stage.
Cambiaso's contract runs until 2029, giving Juventus a degree of control over negotiations.
But with previous suitors already established and the club having considered a sale in the past, the conditions for a transfer are not impossible to envisage.
Dean Jones has been a transfer news and football insider for Flashscore since 2025, as well as a journalist for leading UK newspapers and websites over the past 20 years, establishing himself as an authoritative and trusted voice in the industry.
