The Gunners have supposedly made their intentions clear to Schalke this month about signing the 23-year-old, but the Bundesliga club are unwilling to let the full-back leave during the current transfer window.
Juventus are also believed to be keen on the Bosnian, but, according to Tuttomercatoweb, Arsenal are set to step up their pursuit for the highly-rated left-back this summer.
The Gunners have been linked with a few left-back in the past couple of months and although Arsene Wenger already has Nacho Monreal and Kieran Gibbs as options in this position, the Frenchman may be planning to replace the Spaniard, while the England international has been linked with an exit due to lack of first-team football.
Kolasinac, who primarily is a left-back but can also play further up the flank in the centre of the back four, has been in fine form for Schalke this season, making 16 appearances in all competition and netting two goals so far this season.
With Schalke not keen to sell the Bosnian this month, Arsenal are hopeful they can see off competition for his signature at the next given opportunity.