One game behind the half-way mark, Mikel Arteta's men are one point above Liverpool and Aston Villa and six above Manchester City - who did have a game in hand. So far, so good, but Arsenal have plenty to do yet.
And with the January transfer window opening in seven days' time, technical director Edu Gaspar will have his work cut out this winter with the chance to bolster Arteta's options for a vital second half of the season.
A centre-forward, holding midfielder and creative-minded attacker have all been tipped to be at the top of the wishlist and according to reports, a move for Manchester City star Bernardo Silva could be on the cards.
It's understood that the Gunners have the opportunity to sign the Portuguese international due to a release clause in his contract at the Etihad Stadium. The Daily Star are reporting that Silva has a £50million buyout which was added during negotiations with City.
Convincing Silva to leave the world champions will prove difficult, with the report indicating that any bids would be considered 'pointless' by City. The said buyout clause was only agreed amid speculation over his future previously.
football.london's Josh Holland says: A move for Bernardo Silva would be perfect for Arsenal. We've seen the Gunners enjoy success with the purchases of Gabriel Jesus and Oleksandr Zinchenko from their title rivals, Silva would elevate them to a different level.
One of my biggest problems with Arsenal's squad is the lack of cutting edge behind Martin Odegaard in that 'free-roam' role in midfield. Silva's versatility to play anywhere in the middle of the park and further forward makes it a bargain at £50million.
However, as the report states, City aren't expected to allow him to leave in January. If a move is going to happen, it'll be in the summer. Arsenal will then have the job of attempting to prise him away from Pep Guardiola's side.
One player who Arsenal do have a great chance of signing in January is Goncalo Inacio. The centre-back attracted interest from the Gunners with his dazzling displays for Sporting CP.
However, like every young centre-back, he will cost millions. Reports in Portugal claim that Sporting won't let him leave for anything less than the £51.6million release clause. Tottenham, Manchester United and Liverpool have all been credited with interest.
Now, Portuguese outlet Ataque has claimed the north Londoners have produced a 'well-defined plan' to sign Inacio next month. A loan proposal until the end of the season has been offered with a mandatory fee of €60million (£52.1m) - a similar deal that saw Pedro Porro join Sporting CP.
football.london's Josh Holland says: Ensuring that Sporting will get their £50m+ in the summer gives Arsenal the flexibility to get Inacio in January and pay later. A risk element is certainly involved - should he underperform or struggle to adapt - but coughing up close to £60million in January isn't something the club will want to do, especially if they sign a centre-forward.
Arteta's comments on being short at the back following an injury to Takehiro Tomiyasu means it's incredibly likely a new defender will be snapped up in January. Behind Gabriel and William Saliba, the Gunners are short at centre-back.
Inacio is expected to cost less than teammate Ousmane Diomande and will offer more experience. It's also another signing for the future, with the 22-year-old highly tipped to become one of Europe's best.
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