The Frenchman moved to the Emirates Stadium from Lorient for just £7.2m last summer.
The midfielder went on to make 48 appearances in his debut campaign in north London.
And Guendouzi has already made such an impact at Arsenal that the club are keen to secure his future by offering him a new five-year deal.
The 20-year-old's current contract runs until 2022, with Guendouzi earning around £35,000.
Arsenal are prepared to double his wages if the youngster commits his future to the club, says the report.
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