Mikel Arteta is eager to add to his squad next month as he looks to lead the Gunners to their first Premier League title in 20 years.
And Turkish-Football claim that Yildiz is one of his preferred targets.
The 18-year-old broke into the Juventus first team at the start of the season after moving from Bayern Munich last summer.
He has since made five senior appearances for the Serie A giants.
Yildiz also earned his first senior call-up to the Turkish national team in October.
The forward opened his international account in a sensational 3-2 win over Germany.
His impressive performances this season have seen him attract interest from the likes of Galatasaray, Fenerbahce, Besiktas and Liverpool.
But Arsenal are understood to be willing to bid for him in January.
Yildiz's current contract expires in June 2027, so the Gunners will likely have to table a significant offer to convince Juventus to sell.
Manager Massimiliano Allegri gushed over the teenager's talent during a post-match press conference in October.
He said as cited by Sports Central: "In my opinion, he becomes a wonderful player, stopping the ball as he stops."
Arsenal have also been linked with Ivan Toney, Pedro Neto and Douglas Luiz ahead of the January transfer window.