Manolas has been targeted as a replacement for Vermaelen, who left the Gunners for Barcelona earlier in the summer after falling behind central defensive pairing Per Mertesacker and Laurent Koscielny in the pecking order.
thegoalmac understands Arsenal held fresh talks with the Olympiakos defender's representatives on Friday after being quoted an £8 million transfer fee to sign the Greece international.
But the Gunners are yet to reach an agreement with Manolas, and Roma are now understood to have emerged as rivals for the centre-back's signature.
Roma look set to sell Mehdi Benatia, who has attracted interest from a host of top European clubs including Chelsea, Manchester City, Barcelona and Bayern Munich.
And Manolas has been lined up as a replacement for Benatia by the Serie A side, whose season kicks off at home against Fiorentina on Saturday.
However, Arsenal remain in the hunt for Manolas, who could yet make the £8m switch to north London.
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