Arsenal will target the PSG striker if their move for Leicester City's star falls through.
Arsenal made their move for the Leicester City striker last week, activating a £20million release clause in his contract.
A move is yet to be finalised though, with it now believed that Vardy will wait until after Euro 2016 to make a decision about his future.
And should he decide to stay with the Foxes, which is very much a possibility at this moment in time, then Arsenal will look to sign another striker instead of him.
That man will be Cavani, according to the Express, with manager Arsene Wenger having put the Uruguayan at the top of his list should the move for Vardy fall through.
The striker is expected to leave PSG this summer, despite the fact that Zlatan Ibrahimovic has also left the club. He has recently rejected a £500,000-a-week move to China and would prefer a move to the Premier League this summer.
Arsenal are not the only ones interested in his signature though, with Liverpool also having been linked in recent weeks.