According to several English media sources, the Argentine has emerged as a top target for Gunners manager Mikel Arteta during this month's transfer window.
Indeed, there has been talk of Arsenal seeking to set up a swap deal for Buendia.
Norwich are said to want around £40m to release Buendia in January, though given the club's financial situation, it's likely Valencia owner Peter Lim would seek to set up an initial loan arrangement for Buendia ahead of a permanent deal in June.
A move to Valencia would mean a return to Spain for Buendia, who came through the Real Madrid youth system befoe joining Getafe. It was with the Madrid minnows where Buendia spent six years and enjoyed first team football before being snapped up by Norwich.
He has scored seven goals and seven assists in 19 Championship games this season.
- updated January 12