The Gunners are reportedly on the lookout for a replacement for Bacary Sagna - the Frenchman's Arsenal future is in doubt as he is yet to sign a new contract.
And Arsene Wenger is thought to be weighing up his options should Sagna decide to move on at the end of the season.
Caceres signed for Juventus after a successful loan spell last year, joining from Sevilla on a permanent contract in May.
He helped the Turin-based side to an unbeaten league campaign, and a Serie 'A' title, and his versatility is believed to have attracted Wenger's interest.
The Gunners boss has been forced to reshuffle his defensive pack on several occasions this term, as injuries to Kieran Gibbs, Thomas Vermaelen and Sagna have prevented Wenger from fielding a consistent back-line.
And the Arsenal manager is thought to be willing to revamp his squad at the end of the season, with Caceres, who can play at right-back or centre-back, emerging as a possible summer target.
The talkSPORT report claims the Uruguayan international is being scouted by a number of top European teams - which could force Wenger's hand should he decide Caceres is the man to strengthen his defence.
The former-Barcelona and Vilarreal defender has 38 caps for Uruguay, and his Juventus contract does not expire until the end of the 2015-16 season.