Gunners could move for Juventus striker.
The 31-year-old is likely to be available on the cheap this summer after falling out of favour with manager Antonio Conte in Turin, with competition for places upfront from some big names such as Carlos Tevez and Fernando Llorente.
Quagliarella has previously shown himself to be a quality player in Serie A and for the Italian national team, playing in a variety of attacking roles and earning a reputation for his superb shooting technique.
Arsenal were first linked with the player last summer, and although they are said to be chasing big names such as Mario Balotelli of AC Milan this year, Arsene Wenger is still on the lookout for a possible bargain as well.
West Ham are also eyeing exciting new signings upfront, but may struggle to land a player like Quagliarella if a big name such as Arsenal also join the running for his signature.
The Italian international has been with Juve for the last four seasons, helping them to three consecutive Serie A title wins, and scoring 30 goals in that time.