A source close to the star told Hollywood Life that Stern recently became alarmed for Arquette's safety after interviewing the actor on his SIRIUS XM radio show.
"Howard had to deal with past trauma with Artie Lange and he didn't want things with David to get out of hand. He respects his friendship with David and was looking to help in any way he could," the source said.
Stern's former on-air colleague Artie Lange struggled with a heroin addiction before trying to commit suicide early last year.
Arquette's Scream 4 director Wes Craven recently revealed that the star "was in a lot of pain" following his split from wife Courteney Cox.