Standard Sport understands that Arsenal tracked Buendia last summer, and are keeping tabs on his situation during the current transfer window.
Buendia, 24, has been in fine form for Norwich with the Canaries top of the Championship, but manager Daniel Farke says it is extremely unlikely that the Argentine midfielder will be leaving this month.
"Nothing will happen with Emi Buendia this month," Farke told a press conference before Wednesday's home Championship game against Bristol City
"In this business you can't confirm something with 100 per cent guarantee, but I'd label it 99 per cent.
"If I judge it in an objective way, it makes no sense for any of my players to leave at this moment and it makes no sense for the club to sell our players in January."
Additional reporting by PA.