Tottenham were unable to seal a deal for the Dinamo Zagreb midfielder in the summer.
Reports claim Spurs and Dinamo Zagreb failed to agree on a fee for the highly-rated 17-year-old midfielder.
The Daily Express now reports that Arsenal are ready to capitalise on their north London rivals inability to seal a deal for Halilovic.
Halilovic has also been strongly linked with the likes of CSKA Moscow and Bayern Munich.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.