The Gunners had hoped to bring in towering striker Dusan Vlahovic, but he instead looks set to sign for Juventus this weekend.
Mikel Arteta is bound to push to get a signing or two over the line before Monday night's deadline, however, and a host of players continue to be linked with a move to the club.
The latest deal the Gunners have been tipped to conclude is a £6m swoop for New England Revolution goalkeeper Matt Turner.
Here's all you need to know about the latest player who could join the Gunners:
What's the story?
Ultra-reliable football journalist Fabrizio 'Here we go' Romano has this morning confirmed that Turner's move to Arsenal is "all but done" and that backup goalkeeper Bernd Leno will leave the club in the summer.
Turner won't move to north London this month, however, and will instead link up with the team at the end of the current campaign.
The stopper has played his whole footballing career in the USA to date, also turning out for Jersey Express and the Richmond Kickers.
Turner also has 14 senior caps for the USA, and kept a clean sheet for his side as they secured a 1-0 World Cup 2022 qualification over El Salvador earlier today - a result that sees the team edge closer to booking their place at this winter's eagerly anticipated tournament in Qatar.
What's the latest with Pierre-Emerick Aubameyang?
Fresh reports from Spain suggest Aubameyang could be given a way out of Arsenal by Barcelona, who see him as a 'Plan B' option if they're unable to land Atletico Madrid striker Alvaro Morata.
The ex-Chelsea man, who is currently on loan at Juventus, is said to be keen to end his loan spell with the Serie A side - most likely due to Vlahovic's imminent arrival - and return to star in La Liga, but it remains unclear whether Atleti would be willing to allow the Spain international to join a title rival.
It is also suggested that the Catalan giants - and indeed their supporters - aren't entirely convinced that Morata is a reliable enough goal threat to strengthen their side sufficiently.
Barcelona are said to view Aubameyang as a short-term fix to their lack of a clinical striker, rather than a long term option for the future.
As things stand, Marseilles are the slight favourites to land the Gabonese goal scorer, ahead Barcelona, and the likes of Juventus, Newcastle United and his former club AC Milan.