Emi Buendia 'doesn't expect anything to happen' with regards to a move away from Norwich this month, football.london understands.
The Argentine midfielder has been on the Gunners' shortlist as they look to sign a creative midfielder in January.
Buendia, 23, is reportedly happy at the Canaries but with the transfer deadline ticking it's expected that Arsenal will test Norwich's resolve with an offer.
"No, it won't happen. I know football is football. Anything can happen. But right now, for me, 99% certain," Norwich boss Daniel Farke told reporters in a press conference on Tuesday.
"If one of our players wants to go to a bigger club then you are in a better position of strength as a Premier League player yourself. You have to judge it as an objective. It makes no sense in January for the player or us."
football.london first revealed that Emi Buendia was on Arsenal's shortlist of potential creative midfield signings last month.
A source close to the player said that he 'doesn't expect' Buendia to move this month as things stand, although Arsenal have yet to make a formal offer for the midfielder.
The Gunners have a close relationship with the representatives of the Norwich midfielder who averages 3.3 key passes per match, the most in of any player in the Championship.
Buendia was a stand-out player for the Canaries in their disappointing Premier League campaign last season, creating 3.1 chances per 90 minutes and notching seven assists as they were relegated from the top flight.
