The 19-year-old has already netted six goals in 14 Bundesliga appearances so far this term and his sublime form in 2013-14 has not gone unnoticed by the Bianconeri.
Juventus has scouted the Germany Under-21 international on a number of occasions in the past six months and is impressed with Arnold's creativity, vision and reading of the game.
The Italian side is in no rush to lure the teenager away from his current club, but will continue to closely monitor his progress, as the team sees him as a potentially valuable addition in the long term.
Arnold is a product of the Dynamo Dresden youth academy, but joined Wolfsburg at the age of 15.
He made his official first team debut in Nov. 2011 in the Bundesliga game against Augsburg and has developed into an important first-team member under Dieter Hecking this season.
The left-footed midfielder has a contract with Wolfsburg until the summer of 2017.