The Gunners are desperate to sign an attacking playmaker as they look to replace Mesut Ozil, who is set to depart for Fenerbahce.
According to Fabrizio Romano, Arsenal have made contact with Emiliano Buendia's agent. The Italian transfer expert, however, claims that no formal talks have been held with the Canaries, who are said to value the player at £40 million.
Emiliano Buendia impressed with his performances in the Premier League last season, despite Norwich City getting relegated to the Championship.
He has continued his good form this season and has been one of the standout players in the Championship, scoring seven goals and registering seven assists from 20 games.
Emiliano Buendia has proven that he has what it takes to excel in the Premier League. He has subsequently attracted the attention of Arsenal, who have been looking to sign an attacking midfielder since the summer transfer window.
The Gunners had a horrendous start to the Premier League season. However, Mikel Arteta has overseen a mini-revival in recent weeks, with his side winning three games and drawing one of their last four matches.
Arsenal still lack the creativity that would help them climb up the table and challenge for the UEFA Champions League places.
They will likely find it difficult to convince Norwich City to let go of Emiliano Buendia as the Canaries are looking to gain promotion back to the Premier League this season.
Arsenal may not be able to permanently sign Emiliano Buendia from Norwich City in January
Arsenal have been unable to offload players in the last two transfer windows.
The potential departure of Mesut Ozil will help reduce their wage bill considerably but will not raise much funds for future transfers.
Norwich City are expecting big money for Emiliano Buendia. However, Fabrizio Romano claims that Arsenal currently have only £18 million to spend.
It, therefore, looks unlikely that this deal will take place in January.