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The Colombia international joined Juventus on a permanent deal for £17.5m (€20m) last month following a two-season loan spell with the Italian giants.
The Serie A champions are willing to sell the 29-year-old.
A fee in the region of £22m (€25m) could get the deal done.
Starsport understand Arsenal have given Wenger a £100m transfer kitty to spend this summer.
Chelsea signed Cuadrado from Fiorentina in 2015 but he struggled to adapt to the Premier League.
He made just 15 appearances for the Blues before being loaned to Juventus.
Cuadrado – under contract until 2020 – has won 62 caps for Colombia.