27-year-old Giovinco's future in Turin has been the subject of speculation for some time now, with reports during the most recent transfer window having suggested that the Gunners had made contact over a potential switch.
And with the 17-cap Italy international out of contract next year, it could be that he will hunt for a new club if Juventus do not decide to extend his stay any further.
"Sebastian still has one more year on his contract. We're just going to have to wait and see what happens," agent Claudio Pasqualin said in an interview that was quoted by The Daily Express.
"If the club come to us with an extension, then that's fine. But if not, we'll have a look round for other clubs."
Arsenal are widely expected to be on the lookout for attacking reinforcements this summer, with Olivier Giroud having largely struggled to replicate his superb early-season form and the hapless Nicklas Bendtner due to depart the Emirates Stadium when his contract finally expires.
Capable of playing in attacking midfield or indeed as a striker, Giovinco - who joined Juventus almost two decades ago as a youngster before working his way up through the Old Lady's youth setup - is notably versatile and could appeal to Arsenal and Arsene Wenger as the ideal competition for Giroud.
It is currently unclear whether Juventus do indeed intend to offer Giovinco the chance to remain with the reigning Serie A champions, but it is certainly worth bearing in mind that Antonio Conte has a number of striking options available to him and indeed that Giovinco has only made 17 appearances so far this season.