The Gunners are in the market for reinforcements after enduring their worst ever start to a Premier League season.
Mikel Arteta is crying out for a creativity in the midfield and Buendia has been linked with a move to the Emirates.
The Argentine was one of the few bright spots in Norwich's failed Premier League campaign, making seven assists as the Canaries were relegated to the Championship.
A source close to Buendia told football.london that the 23-year-old was "focused on Norwich and getting promoted" but stated that any potential move "depends on Norwich".
RB Salzburg whizkid Dominik Szoboszlai and Lyon star Houssem Aouar are also being considered, but they do lack the same Premier League pedigree as Buendia.