Gunners boss Arsene Wenger is believed to have made Jovetic a top target, but Serie A champions Juventus are also keen on the forward.
And despite talk that Arsenal are ready to get ahead in the battle by lodging a ?25million, Jovetic says he would prefer to stay in Italy and play for Juve.
?I gave my all to Fiorentina, but [coach] Antonio Conte could help me grow at Juventus,? he said.
?I have been at Fiorentina since 2008 for five very intense seasons. I feel I have given my all ? and I have nothing left to give here.
?Juve have been after me for a year, and they say they want me and that I?m a top target. Who wouldn?t be flattered by that? I want to move there so I can grow.?
Jovetic?s words will come as a huge blow to Arsenal, who are already struggling to land several of their other targets.
Real Madrid striker Gonzalo Higuain is likely to prove too costly, while Wayne Rooney and Cesc Fabregas seem increasingly likely to stay at their current clubs.