The 21-year-old was shipped out on loan to German side Hertha Berlin last summer and he has since scored two goals in 19 Bundesliga appearances this season.
The defender has not played for Arsenal since 20 June last year, when the Gunners lost at Brighton and Guendouzi was involved in a heated exchange with Albion players after the final whistle.
Guendouzi still has just under 18 months left on his contract with the Gunners, and the defender has not ruled out fighting for a first-team place under Mikel Arteta next season.
Asked if his story with Arsenal is over, Guendouzi said: “No, not at all. Now, I am focused on my season with Hertha Berlin.