The Gunners tracked Buendia last summer and are keeping tabs on his situation during the current transfer window.
The club are in the market for an attacking midfielder and the 24-year-old is seen as a viable option.
Buendia has impressed this season in the Championship and scored his seventh goal of the campaign during Saturday’s 1-0 win over Barnsley.
The victory ensured Norwich remain four points clear at the top of the table and Farke insisted after they’ve no plans to sell Buendia this month.
“Emi is a key player for us, an important member of the group, and he is totally committed to us,” said Farke.
“He is our player and will continue to be our player. He is on a long-term contract so we keep him. Everyone knows his qualities – I don’t expect interest just because he scored a wonder goal today. People know what he can do.”