Juventus have accused rivals Inter Milan of lacking respect after the swap deal involving Mirko Vucinic and Fredy Guarin collapsed 24 hours after it was agreed.
Erick Thohir, the Indonesian businessman who took over as Inter president in November, called a halt to the exchange, infuriating Juventus.
Striker Vucinic had already cleared out his locker at the Turin club's training ground in anticipation of a move to the San Siro, but the break-down could now allow Arsenal to pounce.
Arsene Wenger has asked Juventus to keep him informed of any further developments in the increasingly bitter negotiations, despite insisting at the weekend that Arsenal are not 'especially interested' in the 30-year-old Montenegrin striker.
Inter had agreed personal terms with Vucinic and he had passed a medical, with the Colombian attacking midfielder Guarin bound for Turin, until the Milan club decided to demand a further £4.1million.
Thohir also intervened after hearing of protests by Inter's fans at the sale of Guarin.
Juventus general manager Giuseppe Marotta hit out at Inter's handling of the move.
He told a press conference: 'The Vucinic-Guarin deal was verbally agreed by both parties. (Juventus president) Andrea Agnelli received a text from Thohir at 10:48 (Tuesday) confirming the deal.'
'What is most striking, and underlines this negative situation, is the fact that when a player clears out his locker and takes his personal belongings, this obviously says that the transfer has been concluded. And that was something Vucinic had done.'
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