The Gunners have reportedly given up hope of signing Monaco winger Thomas Lemar after their club-record £92million deadline-day bid for the Frenchman collapsed.
Boss Arsene Wenger is thought to have switched his attention to Cuadrado in light of his Lemar failure, and reports from Italy claim he will test Juve's resolve to keep the Colombian in January.
The 29-year-old, who only made the permanent switch from Chelsea to Turin in the summer after two years on loan with the Old Lady, has played down his chances of leaving the Serie A champions in the near future, ruling out a potential switch back to London.
Cuadrado told Sky Sport: “Goodbye? I never thought about leaving Juventus, I'm happy here and I want to continue in this great club."