The Gunners were believed to be interested in the Brazilian towards the start of last year, but he made the move to Lyon from Athletico Paranaense on a four-and-a-half-year deal.
The 23-year-old has scored three times and provided two assists in 46 appearances for his Ligue 1 club, and he is currently in action for Brazil Under-23s at the Tokyo Olympics.
According to Goal, Arsenal have made some 'consultations' with Lyon, as the North London outfit consider making an official bid for his services during this summer's transfer window.
Guimaraes still has three years left to run on his contract in France but could be tempted by a move to the Premier League in the current market.
Mikel Arteta's side, who will open their new league campaign away to Brentford on August 13, have already secured deals for Ben White, Albert Sambi Lokonga and Nuno Tavares this summer. body check tags ::