The 29-year-old was heavily linked with a move to north London earlier this summer, but the two clubs were unable to agree on a fee.
Gunners boss Arsene Wenger is understood to want to add competition for Bacary Sagna and Carl Jenkinson, and was willing to offer £12million for the Switzerland international's signature.
Lichtsteiner is a versatile right-sided player, also capable of playing in midfield, and would strengthen Arsenal's senior squad ahead of the 2013/14 campaign, should he complete a switch to the Emirates Stadium.
Arsenal were also close to signing Malaga right-back Jesus Gamez, as part of a swap deal that would have taken Nicklas Bendtner to La Liga, only for the agreement to breakdown due to the out-of-favour striker's extravagant wage demands.
Renewing interest in Lichtsteiner might be Arsenal's best hopes of recruiting a new full-back with transfer deadline day looming, as Juventus already seem to have lined up a replacement for the Swiss star, in the form of £7million-rated Feyenoord defender Daryl Janmaat.