The Gunners are believed to be one of a handful of teams tracking the Brazil international, who has seamlessly slotted into Eddie Howe's Magpies team since leaving Lyon in January 2022.
Guimaraes has come up with 17 goals and 16 assists in 107 matches for the Magpies over the past two-and-a-half seasons, including seven goals and 10 assists from 50 outings in the 2023-24 term.
With the 26-year-old at the base of the midfield, Newcastle are now challenging for places in continental competition once more, but he was apparently left furious at their recent Champions League group-stage exit.
All of Arsenal, Barcelona and Manchester City have been mooted as possible destinations for Guimaraes, whose contract - which runs until the summer of 2028 - includes a £100m release clause, although that can only be triggered until June 30.
Arsenal hatch new Guimaraes swap deal plan
Arsenal have no intention of meeting Newcastle's nine-figure demands, especially after forking out £105m to bring Declan Rice to the Emirates last year, and a move was seemingly dead in the water.
As a result, the Gunners had seemingly moved on to other targets, including Everton's Amadou Onana, whom they have reportedly made contact over amid claims that he could be available for £50m.
However, FootballTransfers claims that Arsenal have not yet given up hope of luring Guimaraes to North London and could try to drive the £100m figure down by including one or more players as part of a deal.
Despite also working on a swoop for Onana, Arsenal have supposedly been trying to poach Martin Zubimendi from Real Sociedad and have tabled a contract offer, but they have grown 'frustrated' by not hearing a response.
From Newcastle's end, the Magpies could apparently be open to a part-exchange transfer as they seek to comply with Profit and Sustainability Rules, and Arsenal are not short of players looking for new clubs.
Which outcasts could Arsenal include in Guimaraes swap deal?
Another brutal Mikel Arteta summer clearout could see as many as nine senior players depart in the coming weeks, including two who Newcastle are believed to have had a historical interest in.
Both goalkeeper Aaron Ramsdale and left-back Kieran Tierney have previously been linked with a move to the North East, and neither appear to have futures at the Emirates under Arteta.
Newcastle are known to be in the market for additions in such positions, and they could potentially have their pick of three Arsenal left-backs, as Nuno Tavares and Oleksandr Zinchenko are low down the pecking order as well.
Alternatively, Newcastle could turn to Thomas Partey or Albert Sambi Lokonga should they wish to bolster their midfield ranks, although the latter is said to be in talks over a loan move to Sevilla.
Further forward, all of Emile Smith Rowe, Reiss Nelson and Eddie Nketiah are on the chopping block too, and their arrivals would help Newcastle hit their quota of home-grown players.