Mikel Arteta wants to continue his overhaul of the squad in January, and the emphasis will primarily be to offload players, especially since sources say that is necessary in order to then bring in new faces.
That is why a part-swap could further facilitate a deal, for a player who the Basque greatly admires, and sees as potentially influential in improving his side's fluidity and creativity.
There has already been early discussions with Buendia's agent about what a deal could look like, although it is still considered some way off.
Joe Willock and Reiss Nelson are among the players Arsenal are willing to offer Norwich.
Carrow Road boss Daniel Farke insisted that Buendia is going nowhere, although it is understood - as ever in these situations - the club will not stand in his way if they can get the right deal.
Norwich would want at least £40m, but it is felt options like Willock or Nelson could smooth the challenges posed by any sale.
Buendia scored a superb volley in his side's 1-0 win over Barnsley at the weekend, making it seven for the season.
Farke was effusive in his praise afterwards, while setting out Norwich's position.
“Emi is a key player for us, an important member of the group, and he is totally committed to us,” said Farke. “He is our player and will continue to be our player. He is on a long-term contract so we keep him.
"Everyone knows his qualities - I don’t expect interest just because he scored a wondergoal today. People know what he can do.”
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies