The 22-year-old midfielder fell out with Arsenal manager Mikel Arteta last year and was loaned out to German club Hertha Berlin last summer.
The Frenchman is due to be back at Arsenal for pre-season next month and still has a year left on his contract with the club.
But Arsenal want to move him on this summer and have been actively seeking offers for the midfielder in the ongoing transfer window.
According to Portuguese daily A Bola, Benfica have shown an interest in taking Guendouzi to Portugal ahead of the new season.
The Portuguese giants want to bring in a midfielder and the Frenchman has emerged as one of their targets.
They are expected to approach Arsenal soon to discuss a potential deal to sign Guendouzi.
The Frenchman also has suitors in France with Marseille firm admirers of his abilities.
But Marseille are keen on a loan move and Arsenal are more interested in moving him out on a permanent deal.