The Gunners have been considered favourites to do a deal ever since it emerged that the South American forward could be lured away from Santiago Bernabeu.
Juve have offered opposition in the transfer market, with the Serie A champions striving for continuous improvement.
They feel a new frontman would aid their cause, and believed a proven goalscorer in the form of Higuain would represent sound business.
If speculation is to be believed, then Arsenal have already agreed terms with the 25-year-old over a move to England.
Juve will not be giving up without a fight, though, and general director Giuseppe Marotta believes there could be a late twist in a long-running saga.
He told Sky Sport Italia: "Higuain? I do not want to say anything because there is still so much time left for things to happen."
With a striker considered to be Juve's top priority this summer, they have also been linked with moves for Fiorentina's Stevan Jovetic and Manchester City's Carlos Tevez.
Marotta is, however, keeping his transfer cards close to his chest.
He added: "There is no hurry. They are both great players but they are also with great clubs, so it would not be right to discuss them.
"I do not want to create an illusion that things are already in motion."