The Inter Milan winger was linked with a move to the Gunners during the January window after handing in a transfer request.
But a move never materialised as Inter boss Luciano Spalletti accused Arsenal of ‘conning’ Perisic into thinking an offer was on the table.
Italian outlet Corriere dello Sport claim Arsenal have maintained their interest in the Croatia international, but also report that Tottenham have joined the race for his signature.
Both clubs are lacking in out-and-out wingers.
Perisic reportedly wants to play in the Premier League before retiring and has even changed agencies in an attempt to make that happen.
LIVE ON talkSPORT
talkSPORT is your home of live football! Here's what's coming up on talkSPORT and talkSPORT 2…
- Birmingham vs Sheffield United (Wednesday, 7:45pm) – talkSPORT 2
- Slavia Prague vs Chelsea (Thursday, 8pm) – talkSPORT 2
- Southampton vs Wolves (Saturday, 3pm) – talkSPORT 2
- Manchester United vs West Ham (Saturday, 5:30pm) – talkSPORT
- Leeds vs Sheffield Wednesday (Saturday, 5:30pm) – talkSPORT 2
- Wigan vs Norwich (Sunday, 12pm) – talkSPORT 2
- Crystal Palace vs Manchester City (Sunday, 2:05pm) – talkSPORT
Inter are believed to be tracking PSV winger Steven Bergwijn, whose potential arrival could open the door for the 30-year-old to leave.
Perisic allegedly came close to joining Manchester United under Jose Mourinho in 2017.
He said: “When Luciano Spalletti arrived [in June 2017], he showed tremendous desire to keep me in the team and made it clear he didn’t want to lose me.
“That was very encouraging, and I haven’t regretted my decision to stay at Inter. In football, small details in these situations are key.
“Admiration from a coach like [Jose] Mourinho is definitely something that flattered me.