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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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.