We're nearly at the three-week mark and no transfer opportunities have ticked all the boxes up until this point. But injuries in attacking areas may force the Gunners' hand if they are serious about closing the gap to Liverpool in the Premier League title race.
Outgoings are also a possibility among a group of players ambling towards free agency in the summer.
Here, Express Sport takes you through three key Arsenal transfer developments...
Sesko decision made
Fresh links between Arsenal and Benjamin Sesko have caused the RB Leipzig striker's transfer preference to resurface. Amid competition for his services last summer, The Mirror reported that he had decided Arsenal was his ideal next move.
That certainly bodes well for the Gunners if they plan to go back in for him before the winter transfer deadline. Chelsea, Manchester United and Barcelona are also believed to be keen on Sesko, but with Arteta's project seen to be more alluring than the other three, he may hold the upper hand if an all-out war emerges.
Arsenal FC v Aston Villa FC - Premier League
Jorginho has less than six months left on his Arsenal contract
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Contract terms rejected
Jorginho has been free to discuss pre-contract agreements with overseas clubs since the start of January, seeing as he is now into the final six months of his Arsenal deal. The 33-year-old represents Italy at international level, but he has recently been linked with a return to his birth country of Brazil.
Flamengo are believed to have held talks with Jorginho and his representatives. But according to Brazilian newspaper O Dia, the financial demands laid out by the Arsenal man are 'out of touch'. Flamengo have therefore rejected his contract terms and sent a counter-offer to see if they can land Jorginho without breaking the bank.
Victor Osimhen doubts
With Gabriel Jesus set to miss the rest of the season and Bukayo Saka still on the road to recovery, Arsenal have been left light in attacking areas. Earlier this weekend, links re-emerged between the Gunners and long-standing transfer target Victor Osimhen.
Arsenal are said to be 'exploring a move' for the Nigerian, who could be recalled by Napoli from his loan at Galatasaray if they receive a serious transfer offer.
But former Premier League striker Darren Bent has questioned whether it would be a wise move from Arteta.
He said on talkSPORT: "Is he really going to be the answer? Yes, he was good at Napoli, but maybe his attitude has been questioned on occasions, that’s still a risk. I just don’t think you can just go out there and guarantee, right, we know he’s the guy who’s going to go and score us 20, 25 goals."
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