The Montenegro international left Manchester City to join Inter last summer, and scored six goals for the Serie A side.
But Italian outlet Corriere dello Sport claim he will be on the move again, with Arseanl interested in his signature.
The report adds Spartak Moscow are also interested in signing the 26-year-old.
But the forward, who is valued at £13million, would apparently prefer a move back to the Premier League.
And the Gunners could now up their interest in the striker after Arsene Wenger admitted Jamie Vardy will snub a move to the Emirates and stay at Leicester .
The Gunners triggered the 29-year-old’s £20m release clause earlier this month and the striker seemed set for a move to the Emirates.
However the Foxes made a counter offer in an effort to keep him at the King Power Stadium and Vardy decided to leave a decision about his future until after Euro 2016 .
And Wenger told Chinese television station Tencent: “Jamie Vardy is, at the moment, at Leicester and from what I know, he will stay at Leicester.”