The 25-year-old is enjoying an excellent season for Fiorentina and his value seems to increase with each passing week.
Arsenal were repeatedly linked with Cuadrado in the January transfer window, but his future is now set to be decided in the summer.
One complication is that Cuadrado is co-owned by Fiorentina and Udinese, so the two Serie A sides must resolve his future before he can be sold on.
The most likely solution is that Fiorentina will buy out Udinese's share in Cuadrado and then listen to offers. La Nazione believes the Tuscans will pay around £12m to own him outright.
The Viola have always said that they don't intend to let Cuadrado leave, but they will be hoping for a bidding war between Arsenal and Juventus, who are also said to be keen to swoop.
German giants Bayern Munich have also been linked with the talented wide man lately.
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