The Gunners have been linked with a number of players this month as they look to boost their chances of a top four finish this season.
However, Arsenal are thought to be already looking ahead to the summer with a move for Lyon midfielder Bruno Guimaraes on the cards.
Arsenal have been scouting Bruno for a few years and remain keen on his signature, though Lyon are very reluctant to let the midfielder leave this month and instead could see him depart in the summer.
It is believed that the 24-year-old - who has made 17 league appearances this season - could be available for around £40 million.
Auba keen on Magpies move
It is looking increasingly likely that Pierre-Emerick Aubameyang will leave the Emirates Stadium this month after being stripped of his captaincy in December.
The striker has been linked with a host of clubs but it is thought he is keen on a move to Newcastle United.
The Magpies have expressed interest in a number of high profile players since their Saudi-backed takeover was completed and are eager to sign the Gabon international to help them avoid relegation.
Newcastle are reportedly already in contact with Arsenal over a January move for Aubameyang and the switch up north is appealing to the player, according to journalist Rudy Galetti.
It is thought that Eddie Howe’s side have proposed an initial loan offer with an option to buy at the end of the campaign.
Aubameyang hasn’t featured for the Gunners since their 2-1 defeat to Everton at the start of December and their recent success makes it even more unlikely that he has a future at the club.
With Newcastle probably one of the few clubs that can match the 32-year-old’s wages, we could certainly see him in black and white come the end of the month.