The Serie A champions want Cardozo if the Gunners land their targets.
There is renewed hope for Arsenal in the chase to sign either Gonzalo Higuain or Stevan Jovetic as competitors Juventus have turned their attentions towards Benfica striker Oscar Cardozo, reports Italian newspaper La Gazzetta Dello Sport.
However, with La Bianconeri now lining up a bid for Cardozo it has become increasingly more likely that Arsene Wenger will sign at least one of the two forwards he is keeping tabs on.
Arsenal are aiming to bolster their squad this summer after almost missing out on Champions League football for the first time since 1996, finishing just a point ahead of rivals Tottenham following a tense final match of the Premier League season.
Likewise, with the club failing to win a trophy for the eighth straight year and Olivier Giroud the only out-and-out striker expected to be retained by the Gunners this summer, new strikers are a priority for Wenger.
Juve have already secured the signature of Atheltic Bilbao forward Fernando Llorente for next season but are still looking to bring in at least one other attacker.
Cardozo certainly has the credentials of a top striker in Europe having shone at the Estadio da Luz since his £10.3m transfer in 2007, scoring 31 goals in 45 appearances for Benfica in 2012/13 alone.