The Brazilian midfielder is one of the hottest properties in Europe after another fantastic season.
Guimaraes has always stated that he is happy with the Magpies, but may find a move to the Emirates Stadium tempting.
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Per The Sun, Arsenal will be joined by Manchester City and Paris Saint-Germain in wanting Guimaraes.
Newcastle are not eager to sell, as they want to build around the all-action midfielder.
Given Arsenal already have Brazilians in Gabriel Jesus, Gabriel Martinelli and Gabriel Magalhaes, they see Guimaraes as fitting in nicely with the squad.