The Gunners are prepared to sell the France U21 captain this summer after his time away on-loan at Hertha Berlin.
Longoria has made contact with Arsenal and intimated a willingness of paying €10m to sign Guendouzi outright.
However, Arsenal are insisting Longoria go higher if they want the young midfielder.
The Gunners are seeking at least €20m to sell Guendouzi this summer.
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