Arsenal say Frida Maanum has undergone tests which found “no obvious cardiac causes” for her collapse in the Continental Cup final.
The midfielder went down off the ball in second-half injury time during the final at Molineux, in which the Gunners beat Chelsea 1-0 after extra time.
Arsenal say Maanum, 24, has been fitted with a device to monitor her heart.
The Norwegian has not joined up with her country for their Euro 2025 qualifiers, which begin on Friday.
In a statement released on Thursday, Arsenal said Maanum has undergone “extensive testing” which has been reviewed by “two leading cardiologists”.
“There are no obvious cardiac causes found from these thorough investigations so far,” added the Women’s Super League club.
“Frida has subsequently had a monitoring device fitted to record her heart function and will now undergo a progressive return to train protocol.
“Once she has been monitored for a full one-week period, her normal training will be closely reviewed and monitored, before a decision will be made on her returning to play.”
Arsenal had previously said Maanum was “stable and doing well” after the Continental Cup final was stopped for seven minutes as she was treated by medics after collapsing on the pitch in Wolverhampton, before being taken off on a stretcher.
She did not need to go to hospital and travelled home with her Arsenal team-mates.
Norway are set to begin their European Championships qualification campaign on Friday against Finland before travelling to the Netherlands on 9 April.
Maanum has made 77 appearances for her country, scoring 14 goals.
Arsenal are currently third in the WSL and host Bristol City next on 14 April.