They have failed to make any signings but could do with some new bodies to give themselves the best chance of catching Premier League leaders Liverpool.
A six-point gap separates the two clubs with Liverpool having a game in hand, leaving Arsenal at risk of slipping further behind.
Mikel Arteta has been widely tipped to sign a new striker and a host of big names have already been linked. However, it remains to be seen if any deals can be engineered before the window closes on Monday.
Express Sport takes a look at the latest Arsenal transfer news doing the rounds...
Arsenal have reportedly held internal talks over a move for the Leipzig forward
Sesko 'internally discussed' by Gunners
Arsenal could reportedly be about to firm up their interest in Benjamin Sesko, with talks over a potential move having already been staged.
Club chiefs have 'internally discussed' the possibility of moving for the 21-year-old before the January window shuts, according to the Daily Mail.
Other reports have suggested that RB Leipzig would be willing to consider offers in the region of £67million, with Sesko tied down until the summer of 2029.
He is not the only name on Arsenal's shortlist, with Wolves forward Matheus Cunha and Lille marksman Jonathan David also said to be admired by the Gunners.
Arsenal 'make contact' over £85m deal
Aston Villa forward Jhon Duran is said to have emerged as an ambitious target for Arsenal, but they are not the only club in the hunt.
West Ham have already seen a £57m bid rejected while the likes of Chelsea and Al-Nassr have also been heavily linked.
It seems Arsenal may have stolen a march on their rivals, though, with Fabrizio Romano claiming they have already made contact over a potential move.
However, any deal will be hugely expensive for the Gunners with Villa said to value the striker at around £85m.
Inter weigh up Zinchenko move
Arsenal have also been tipped to let Oleksandr Zinchenko leave the club in search of regular minutes elsewhere.
He is thought to be admired by Borussia Dortmund, while Atletico Madrid have also been credited with an interest in his signature.
A new report from InterLive suggests Inter Milan could join the race for Zinchenko with the Italian giants on the lookout for a defender.
However, it is claimed that a move is more likely to happen in the summer, when he will only have a year remaining on his Arsenal contract.
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