The 21-year-old, who joined the Gunners from Lorient in 2018, has become surplus to requirements at Arsenal under Mikel Arteta with the Spaniard preferring the likes of Granit Xhaka, Mohamed Elneny and Dani Ceballos ahead of the Frenchman.
French publication Foot Mercato now claim Marseille are keen on signing Guendouzi.
Valencia have also been linked with the French midfielder and would also want a temporary deal rather than a permanent one.
Arteta will be keen to offload a few fringe players before deadline day as he looks to bring reported targets Thomas Partey and Houssem Aouar in.
Sead Kolasinac, Sokratis and Shkodran Mustafi have also been linked with moves away from the Emirates.