The Gunners are on the brink of signing Real Madrid playmaker Martin Odegaard on a season-long loan deal, ending any realistic hope of securing a deal for Buendia in January.
Norwich are said to be demanding in the region of £40m for the Argentine, who has contributed seven goals and six assists in the Championship this season.
While that effectively left Arsenal to consider other options for the midway point of the campaign, it is suggested that an official approach will be made later in 2021.
Buendia still has three-and-a-half years left on his contract, putting the Canaries in a strong position regarding his future. body check tags ::