The Argentine is one of a host of attacking midfielders Arsenal have been linked with this month.
However, it would be unlikely that the Gunners could afford to pay the £40m asking price unless they received some funds for their unwanted squad members.
Buendia’s contract at Carrow Road does not expire until 2024.
Arsenal were struggling in front of goal up until recently, but the emergence of Emile Smith Rowe has given a much-needed creative boost to Arteta’s side.
The Gunners have won their last four matches in all competitions, scoring 10 goals in the process.