Chelsea and Manchester United have also been linked with the striker.
The striker has enjoyed another strong season at Juventus as they have comfortably won Seria A once again.
That has sparked talk of a return to former club Real Madrid, who are reportedly keen on exercising a buy-back clause they inserted in the deal that took him to Italy.
However, they are not looking to keep hold of him long term, and instead will look to sell him on for a profit, with several Premier League clubs interested.
Chelsea and Manchester United have also been cited as potential suitors, but his agent insists that nothing is definite at this stage.
"He is a top player at world level," Lopez told Calciomercato.com.
"As for his future, we do not know anything yet, we do not know where he will play next year. There is nothing definite with English clubs and Juve can still hope.”
An Arsenal move for Morata would certainly make sense given their need for a top class striker.
It has long been a problem area for the Gunners and was emphasised further this past season as the likes of Olivier Giroud and Theo Walcott struggled.
Whether they are willing to spend big for the Spaniard though remains to be seen.