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 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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