Norwich City sporting director Stuart Webber has said that Emiliano Buendia could be sold for the right price this summer.
The Gunners were heavily linked with Buendia during the January transfer window, but the club never made a formal approach.
Still, there is speculation that Buendia could move to the Emirates and speaking to The Athletic, Webber has acknowledged that the forward could leave for the right offer.
The Canaries are likely to demand around £40m for the Argentine and it is unclear whether the Gunners will afford the fee this summer.
The north London giants offloaded some of their deadwood last month and they have freed up wages of more than £500,000-a-week.
Buendia has registered seven goals and seven assists from 22 Championship games for Norwich, who are second on the table.