The Spanish forward joined Juventus at the start of the season from Athletic Bilbao having been heavily linked with a move to the Premier League.
He has struggled to settle in Turin and has already been linked with a move away - despite getting more first team chances in recent weeks.
Arsenal were one of the teams interested in landing Llorente before his switch to Italy, and now according to the Daily Mail, the Gunners could reignite their interest in the 28-year-old.
The paper report that Arsenal boss Arsene Wenger is willing to bid £15 million for the Spanish international's services - but only in the summer having been told there is no chance of a deal taking place in January.
While both club and player have been adamant that a move isn't in the offing, the Mail claim Juve may be tempted by the chance of turning a quick profit on the player they signed for free just a few months ago.
Arsenal will likely be in the market for a new forward in the January as cover for Olivier Giroud.
Currently, Wenger can only call on Nicklas Bendtner as back-up.
Llorente has scored four goals in 13 games for Juventus so far this term - but has only stayed on the pitch for the entire 90 minutes in Serie A for one of his nine appearances to date.
The Spaniard opened the scoring in Juventus' 3-0 win over title rivals Napoli last night.