The Gunners made a desperate last-ditch attempt to sign Lemar on transfer deadline day, lodging a record £92m bid before pulling out of the deal after deciding that there was not enough time to complete it.
Monaco were also unwilling to sell the 21-year-old having already lost a host of first-team players during the summer, and Italian outlet TMW claim that Arsenal have now ended their interest in the winger.
The report goes on to claim that Arsene Wenger has now turned his attention to Cuadrado, who has failed to nail down a regular starting role since joining Juventus from Chelsea.
The 29-year-old made 21 Serie A starts to help Juve to an unprecedented sixth consecutive title last season, although he has started two of the club's opening three fixtures this term - scoring once in the process.
Cuadrado's previous stint in the Premier League was short-lived having spent just six months at Chelsea before leaving for Juve initially on loan, but Wenger is confident that the Colombia international has the tools to succeed in the Premier League.