Sources say Arsenal’s initial moves towards uncovering a deal involved Arsenal suggesting a £60 million fee for the player, which is some way short of where he is valued at Newcastle.
He is viewed as a player they absolutely do not want to lose - especially at a time when Anthony Gordon is joining Barcelona and Sandro Tonali is being touted to leave, with Spurs chasing an £80million transfer over this week.
Arsenal have a clear interest in signing a new midfielder though and see Guimaraes, 29, as a good fit.
Arsenal’s style of recruitment usually sees them make explorations around several key targets to understand how they fit into a budget, and which players are genuinely attainable, before they launch a formal offer.
Boss Mikel Arteta works with Andrea Berta, the sporting director, closely to identify the target they feel is best suited to the side and then uncover whether it is plausible.
With Guimaraes, they feel that if an opportunity could open up then he would be an ideal solution to added further depth and quality to the ranks as they attempt to defend the Premier League title.
Sources say that the fact Guimaraes is a forward-thinking midfield player, who enjoys playing on the front foot and forcing good attacking opportunities, is a key aspect in him emerging as a player they would like to sign.
Arsenal have also been linked with Sandro Tonali, Ayyoud Bouaddi, Alex Scott and Mateus Fernandes as they seek a new option in the centre of the park.
Guimaraes has two years remaining on his current contract and is currently focused on Brazil’s World Cup campaign. It is thought his emergence as a target could put Martin Zubimendi's role in some doubt.
Arsenal are considering a formal approach for the player in order to fully understand whether there is any chance of taking him away from Newcastle.
Flashscore's sources are also suggesting that Manchester City are interested in Guimaraes and are being kept informed on the situation.