The Gunners will reportedly also use Olivier Giroud to push up the price and tempt Napoli to sell.
The Gunners are keen to add a top class striker to their squad this summer having struggled in the position for several years.
They had made a move for Leicester City star Jamie Vardy before Euro 2016, but he decided to stay with the Premier League champions instead.
Arsenal have been linked with several other forwards since then, and the latest to be suggested is Higuain.
Gianluca di Marzio reported on Monday that they were set to make a move for the Napoli forward and use Olivier Giroud to tempt the Italians into a sale.
Tuttosport have verified that, and added some extra details about the potential deal. According to them, the Gunners will make an initial offer of £51 million for the Argentina hit man.
They will then supplement that by putting Giroud into the deal, with the France international valued at around £21 million.
That will take the overall price to £71 million, which the Italian outlet believes will be enough to tempt Napoli chairman Aurelio de Laurentis into sanctioning the sale.