The France U21 captain is on-loan at Hertha Berlin, though his season is over after suffering a metatarsal injury last week.
Guendouzi is expected to be put up for sale this summer by the Gunners and OM are among clubs keen. Hertha management aren't expected to compete for the midfielder should he be transfer-listed.
L'Equipe via Le 10 Sport says OM see the youngster as a potential replacement for Boubacar Kamara, who is expected to depart at season's end.
With Hertha, Guendouzi had a mixed campaign, winning praise for his performances at times, though also criticism for some ill-discipline.
The midfielder managed 24 appearances with Hertha this term, scoring twice and producing three assists. He has a deal with the Gunners to 2022.
- updated May 10