Arsene Wenger has already dipped into the transfer market with the capture of Egyptian midfielder Mohamed Elneny but is there more to come?
Here are five players that also seem to be on Arsenal’s radar.
William Carvalho - Sporting Lisbon
The 23 year-old Portuguese midfielder looked on the verge of joining Arsenal last year but a broken tibia scuppered his chances of a big money move. Carvalho, however, has made an impressive return from injury as Sporting Lisbon sit top of their division and look strong contenders for the Europa League.
The Sporting defender looked a class above in last summer’s U21 European Championships for finalists Portugal and is surely primed for a step up to one of the top leagues in Europe.
A top class defensive midfielder is a rare commodity these days and Carvalho has the presence and power to become a fine addition to the Premier League.
Andy Najar - Anderlecht
The Honduran right sided player has been a consistent performer for club and country. Najar is already well known in North London as he scored in the opening goal in his side’s 2-1 defeat to Arsenal in last season Champions League.
And following three years at Anderlecht, Najar looks ready for the next step up in his career with Arsenal being touted as his next destination.
He cut his teeth in the MLS with DC United where he was voted Rookie of the Year in 2010. His tireless work rate and energy would complement the current Arsenal midfield – although it’s questionable if he would make the first team just yet.
Edinson Cavani - Paris SG
It’s unlike Arsene Wenger to sign a player of Cavani’s calibre in the January transfer window but reports have linked the current Paris SG frontman with a switch to Arsenal.
The 28 year-old Uruguayan is one of the top strikers in world football. His goal record speaks for itself with 166 in 319 club appearances and he has already notched 10 in 17 appearances this season.
Cavani has played in the shadow of Zlatan Ibrahimovic for three years now in Paris and would relish the chance to become the main man, much like he was at Napoli. He could be the signing that gives Arsenal the edge in this year’s title race.
Pierre-Emerick Aubameyang - Borussia Dortmund
The 26 year-old African striker made headlines for seeing off Yaya Toure in the African Player of the Year when Yaya threw his toys out of the pram, but it’s been his goal scoring prowess that has really caught the eye this year.
Aubameyang has scored 18 goals in 17 league appearances for Dortmund and is in the prime of his life. And, unlike Cavani, he will be eligible to play in the Champions League for another club.
However, there are two caveats to a potential deal. Firstly, would Dortmund be willing to do business mid-season for the their leading light and secondly, would Arsenal meet the astronomical price that the Germans will no doubt put on Aubameyang’s head?
Odion Ighalo - Watford
A bit closer to home is the Watford striker Odion Ighalo. The Nigerian has scored an impressive 13 Premier League goals in his debut season and has caught the attention of the Arsenal scouts. Despite his inexperience at the top level, Ighalo has terrorised Premier League defences with his power and eye for a goal - he was particularly impressive in the 3-0 demolition of Liverpool.
The 26 year-old’s CV looks very low key with uninspiring spells at Cesana and Granada and it remains to be seen how he would cope playing for a top four team in the Champions League.
While Ighalo would cost somewhere in the region of £10m-15m would he improve the starting XI at the Emirates?