Newcastle United captain Guimaraes has reportedly agreed a five-year contract with Arsenal and is keen on the move, with only a fee still to be settled between the two Premier League clubs.
Should the Brazilian arrive, it would leave Nørgaard, 32, as no better than sixth choice in central midfield behind Declan Rice, Myles Lewis-Skelly, Martin Zubimendi, Mikel Merino, Martin Odegaard and Guimaraes himself.
According to Danish outlet Bold, Arsenal are willing to listen to offers for Nørgaard this summer, with Crystal Palace among the clubs showing interest. A momve to London rivals Palace would allow him to remain in the capital, while there has also been sporadic interest from elsewhere in the Premier League. A move back to boyhood club Brondby appears unlikely in the short term, according to the report.
Nørgaard joined Arsenal from Brentford last summer in a deal reported to be worth around £10million, but made just a handful of Premier League appearances during the club's title-winning campaign, totalling barely 100 minutes across the season.
That marked a stark contrast to his previous role at Brentford, where he had been club captain and an established first-team regular before making the move to north London.
Despite the lack of game time, he is understood to be settled with his role in the squad and could yet decide to stay for another year regardless of Guimaraes' arrival, having appeared relaxed about his standing within Mikel Arteta's squad.
Sources close to the situation suggest Palace would be considered the narrow favourites among his suitors were he to leave, given how well his profile would suit Oliver Glasner's system at Selhurst Park, with Palace preparing for a first taste of European football this season.
Should he remain at Arsenal, however, Nørgaard would have to accept that regular football will likely remain out of reach. The 32-year-old retired from international football with Denmark in the spring, bringing an end to a 41-cap career that yielded two goals and included appearances at Euro 2020, the 2022 World Cup and Euro 2024.