This was evident in Saturday's frustrating 2-2 draw with Aston Villa, where they blew a two-goal lead. A striker tops the Gunners' wish-list, with Sporting Lisbon's Viktor Gyokeres frequently mentioned.
With Arsenal trailing Liverpool by six points - and the Reds having a game in hand - they need to nail this transfer window. And the Gunners are reportedly preparing a whopping £70m bid for RB Leipzig's Benjamin Sesko.
The Sun suggests that the 21-year-old Slovenian international could leave the Bundesliga side this summer, but Arsenal might make an offer this month.
Sesko was on Arsenal's radar last summer, but he signed a new long-term contract with Leipzig, eliminating the much-discussed £55m release clause that several Premier League clubs were rumoured to be interested in, reports the Mirror.
Meanwhile, Real Madrid have plans for William Saliba. Los Blancos are reportedly eyeing up a summer swoop for Saliba, according to Foot Mercato.
The Spanish and European champions have been linked with the French centre-back for some time, as they look to rejuvenate their ageing defence. Saliba, 23, could be part of a double Premier League raid, with Liverpool's Trent Alexander-Arnold also on their radar.
Arteta has also issued a clear message to Arsenal's owners that he needs funds for the January transfer window. Following a disappointing 2-2 draw with Aston Villa, Arteta highlighted the Gunners' lack of squad depth compared to their title rivals.
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