Previous reports had indicated that Vucinic was set for a loan move to the Emirates and was expected to fly out today [Thursday] for a medical.
However this Tweet from respected Sky Italia journalist Gianluca Di Marzio suggests that the Montenegrin will reject a move to Arsenal, as well as Valencia, for a stay in Turin.
It would end a quite frankly tiring week for the 30-year-old, who was supposedly close to a move to Inter Milan in exchange for Fredy Guarin before the Milan side pulled the plug, leaving the striker in limbo.
And it looked like Arsenal were ready to offer the Montenegro star a lifeline and a chance to play regularly in their quest for the Premier League title, however, it looks like he has opted for a stay in Italy.
He has only made eight league appearances for Juventus this season, with four coming off the bench. Aside from that, he has only netted the two goals, with the last goal coming in his last appearance for the club against title rivals AS Roma.
If this news becomes confirmed it will come as a huge blow to Arsene Wenger, who thought he had found the perfect striker to complement French international Olivier Giroud but now must search the market once again, if he is to land another number nine.