Arsenal reportedly had scouts in the stands watching Cagliari midfielder Nicolò Barella against Inter, but the asking price is €50m.
According to La Gazzetta dello Sport, the Gunners had representatives at the Sardegna Arena on Friday evening during the 2-1 Cagliari victory.
While Barella put in a strong performance to help his team to victory, he also missed a late penalty by blazing it over the bar.
Arsenal, Inter, Napoli and Chelsea had all been battling for Barella in the January transfer window, but baulked at the €50m price-tag.
The Italy international only turned 22 last month, but already has 89 Serie A appearances under his belt, with seven goals and three assists.