The Gunners have tracked the 28-year-old for several years. The Daily Mail reports they have already held talks with Guimarães's agent, and Arsenal sources indicate they would need significant financial backing to mount a credible challenge for a player Newcastle regard as untouchable.
Guimarães is currently at the World Cup with Brazil, where he registered two assists in the 3-0 win over Scotland on Wednesday night.
Newcastle United's position is firm. The Chronicle reports the club has no interest in selling their captain regardless of the size of any offer that arrives. He is considered central to everything Eddie Howe's side is building.
Arsenal's case is clear enough on footballing grounds. Having won the Premier League last season, Mikel Arteta's priority this summer is a squad capable of going further in the Champions League, and a holding midfielder of Guimarães's quality — physical, two-footed and able to carry the ball — would strengthen that considerably.
The difficulty is financial and political. Newcastle's resistance is genuine, their ownership have shown no urgency to sell and Guimarães himself has given no public indication that he wants to leave.
Guimarães joined Newcastle from Olympique Lyonnais in January 2022 for around £33 million and has made over 150 appearances for the club. He is contracted until 2028, giving Newcastle significant leverage in any negotiation.
Arsenal are expected to pursue other targets while this situation develops, but their interest in Guimarães is unlikely to disappear quietly.