Juventus are ready to make a £25m move for Robin van Persie if Arsenal fail to agree a new contract with the striker.
The Dutchman, aged 28, has just over 12 months left on his current deal at the Emirates.
And Van Persie's representatives have reportedly held talks with Juventus sporting director Fabio Paratici.
Real Madrid, Barcelona and Manchester City are also interested and underlines why David Dein believes Arsenal must act quickly to agree a new contract for club captain and PFA Player of the Year Robin van Persie.
The Dutchman has scored 27 goals for the Gunners this season and has becoming an increasingly integral part of Arsene Wenger's side, especially since the sales of Cesc Fabregas and Samir Nasri last summer.
Prolific: The Dutchman has scored 27 goals this season
Van Persie's contract expires at the end of next season and the club risk losing for him for free if a new deal is not agreed soon.
Dein, who was the club's vice-chairman when Van Persie was signed in 2004, told Sky Sports News: 'He is very important to the club and it is not every day you can get a guy who can score over 30 goals in a season.'
There was a lot of competition at the time and we are very fortunate he signed for us. I was delighted and he has proved the point because he has been such a prolific goalscorer for the club.
'He plays with passion, he plays with his heart and, as you heard in his speech, he is a very modest guy.
'He has done a great job for the club and the fact that he has stayed with the club all this time, when he has had plenty of opportunities to go elsewhere, says a lot about Robin’s character.'
“There were rumours and some of them were worried about their future at the club. Dail Mail