A verbal offer in the region of £45 million has already been knocked back, with Newcastle United publicly maintaining a firm stance that their midfielder is not for sale, according to football.london.
Even so, there is a belief that the Brazilian could still be permitted to leave should he indicate a willingness to go and Arsenal return with an improved bid, thought to be around £65 million. Newcastle's failure to secure Champions League football is understood to be a significant factor that could yet influence the decision.
Reports in Brazil have suggested Guimaraes holds a release clause of around £60 million, though Newcastle sources have consistently denied any such exit trigger exists in his contract. The Magpies are instead understood to hold a one-year extension option that could tie the 28-year-old to St James' Park until 2029, with his current deal, signed when he joined from Lyon in January 2022, running until 2028. Lyon also retain a 20 per cent sell-on clause from that original transfer, which would net the French club a share of any future fee.
Guimaraes has become a fixture at St James' Park since his arrival, making 195 appearances and scoring 31 goals, and captained the club to Carabao Cup success in 2025, ending a 70-year wait for a trophy on home soil.
Guimaraes did little to quiet the interest during the tournament in North America, registering four assists to underline his quality on the biggest stage. One of those, teeing up Arsenal winger Gabriel Martinelli for a late winner against Japan in the last 32, will have caught the eye at the Emirates in particular.
It was a mixed few weeks for the midfielder overall, however, as he also missed a penalty in the defeat to Norway, a game in which he was given the runaround by Martin Odegaard, another potential future team-mate, as Norway progressed to the last eight at Brazil's expense.