The 18-year-old is regarded as one of the brightest young prospects in all of Europe, attracting additional attention from Barcelona, Sevilla, Fiorentina and Roma.
Gunners boss Arsene Wenger is a confirmed admirer of the FK Partizan forward, and has been credited with an interest in bringing him to the Emirates Stadium in January.
Markovic has proved he can compete on the big stage with some impressive performances in the Europa League, and if reports are to be believed, he will be ready to make a big-money move in the forthcoming transfer window.
Wenger made an uncharacteristic splash in the summer transfer market, spending more than£30million on the acquisition of Lukas Podolski, Olivier Giroud and Santi Cazorla.
However, with Arsenal coming into criticism following a number of lacklustre performances this term - most recently in last night's Champions League defeat against Schalke - don't be surprised to see the club strengthen further in the New Year.