Buendia has been in impressive form for the Championship leaders, scoring 12 goals and providing 15 assists in the league this season, taking him to the top of the assists chart.
The 24-year-old has caught the eye of the North London club, and has Premier League experience from the Canaries' 2019-20 campaign, when he produced seven assists.
According to a report in The Express, the Gunners would be willing to spend £40m to bring the Argentine to the Emirates this summer, amid doubts over the future of Odegaard.
It is reported that Odegaard is keen on a return to Real Madrid for the chance to prove his worth to the Spanish giants, despite knowing that Arsenal are also keen on retaining his services.
Buendia joined the East Anglian club in 2018 and has gone on to make 115 appearances, scoring 21 goals and registering 41 assists for the Canaries. body check tags ::