The Argentine impressed in the Premier League last season and is now enjoying a superb campaign in the Championship.
Buendia has seven goals and seven assists to his name in the league for the table-topping Canaries this season.
And the Athetic (opens in new tab) reports that his importance to Norwich’s promotion bid will make it hard for the Gunners to lure him away mid-season.
Arsenal have scouted Buendia for more than 18 months, but his £40 million price tag is considered too high by the north London club.
Mikel Arteta’s side won't send Reiss Nelson or Joe Willock in the other direction in a part-exchange deal, as they will only consider shipping out the youngsters on loan.
That means a move for Buendia may be postponed until the summer, as the Gunners hierarchy don’t want to be rushed into a decision.
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