The Uruguay international says he would not go back to San Paolo while president Aurelio de Laurentiis is still at the helm.
The Uruguay international has seemingly struggled to settle in the French capital and is largely played out of position in a wide role to accommodate Zlatan Ibrahimovic.
He was also disciplined and removed from the team at the start of the year for returning to training late after the mid-season break.
If the Gunners do make a move for Cavani this summer, it appears that one potential rival suitor has been ruled out.
The South American has revealed that although he would love to return to former club Napoli, he would not do so while president Aurelio de Laurentiis is still at the helm.
"I will always thank all the teams that have helped me grow in recent years,” Cavani told Uruguayan radio station Sport 890, reported in Tuttosport.
“In Naples I had three wonderful seasons, with the club giving me almost everything: a name, reputation and growth.
“Would I return? I have talked with my family and would love to return one day, but only without De Laurentiis. With this condition I would not think twice.
"I've disliked some of the statements he has said since my departure. I have not received the respect I deserved and I did not answer him.
“I scored 104 goals at Napoli and if I go back again I would give my maximum."
Cavani has started 21 Ligue 1 games this season, scoring eight goals and is expected to feature as PSG take on Chelsea in London in the second leg of their Champions League knockout tie.
Atletico Madrid have also been touted as potential suitors of Cavani, with Arsenal seemingly having a job on their hands to land the in-demand 28-year-old this summer.