A new striker and a midfielder keep getting mentioned the most and according to talkSPORT, the latter could be the most likely.
According to reports, Portuguese outfit Sporting Lisbon have knocked more than £10 million off their asking price for William Carvalho.
The defensive midfielder has a £35 million release clause in his contract but it is thought that Sporting could be willing to take less.
But they would only accept that amount for the up and coming star if the Gunners send a player to the Jose Alvalade on loan as part of the deal.
Sporting are reportedly interested in borrowing Yaya Sanogo or Serge Gnabry.
However a deal for the former is highly unlikely when you consider how short in attack the Gunners are – especially now Olivier Giroud has suffered an injury.
The North London club are more likely to allow either Francis Coquelin or Ryo Miyaichi move to the Primeira Liga.
Arsenal fans. You are linked with a midfielder, but you are desperate for a striker. Have you got any strikers in mind that would fit the bill? Let us know your thoughts below.