The Gunners are in the market for extra strength in the right wing-back role, with Carl Jenkinson and Mathieu Debuchy expected to leave the club this summer.
Hector Bellerin is currently the first choice in that position, while Alex Oxlade-Chamberlain remains an option despite ongoing uncertainty surrounding his future in the final year of his contract.
Premium Sport claims that Arsene Wenger has identified Cuadrado as a possible target, but that Juventus have placed a £26.8m price tag on the former Chelsea man's head.
Arsenal have already splashed a club-record sum to sign Alexandre Lacazette this summer, although they are still in the market for further improvements and have even been linked with in-demand AS Monaco winger Kylian Mbappe.
The Gunners could face competition for the signature of Cuadrado, though, with Inter Milan also understood to be interested in the Colombian.