For the Gunners, defence is a priority with Unai Emery’s men putting in consistently poor performances at the back.
Despite that need, it’s a forward that Arsenal have been most strongly linked with.
Denis Suarez of Barcelona has reportedly been convinced to make the switch to the Emirates with a loan deal in the offering.
It could see the Spain international, who has struggled for game-time at the Emirates, make the move next week.
Reports in Spain have also suggested that Ever Banega could make the switch, with it claimed that Arsenal are willing to pay him a mammoth £7million a year.
In terms of outgoings, Aaron Ramsey’s future is destined to be away from Arsenal. It’s just whether he leaves this month or the summer.
The Welshman has been strongly linked with a move to Juventus, though Juve boss Max Allegri seemed to pour water on reports that a deal was all but done.
He said this week: “I can already rely on five top midfielders. They are so good that I need nobody.”
Should Arsenal sell Ramsey this month, earning some form of fee, that could open Emery to bring someone to the Emirates on a permanent deal.
Emery will be joined in the browsing aisle of the transfer market by Chelsea boss Maurizio Sarri.
Sarri seems set to lose Alvaro Morata any day now with Atletico Madrid, Sevilla and Bayern Munich all believed to be keen.
Barcelona even reportedly threw their hat into the ring for the striker though are only interested in a loan deal.
Gary Cahill is another that looks set to be leaving Stamford Bridge, with Fulham a likely destination for the England international.
Sarri could look to replace Morata with the signing of Gonzalo Higuain though reports in Italy have suggested that won’t happen until the end of the season.
However if Morata does go, Sarri is likely to be keen to replace his forward.
Cesc Fabregas has left Stamford Bridge to join Monaco and Cagliari midfielder Nicolo Barella has been tipped to be the Spaniard’s replacement though he is valued at around £45million.
Chelsea have already dipped into the transfer market having signed Christian Pulisic from Borussia Dortmund.
The American cost around £58million though will remain in the Bundesliga on loan for the rest of the season.
Pulisic isn’t the only Chelsea ace to leave on loan with Lewis Baker and Kasey Palmer joining Reading and Bristol City respectively.
Of course, Chelsea and Arsenal aren’t the only clubs making moves this month.
Liverpool have sent Nathaniel Clyne on loan to Bournemouth while Dominic Solanke has gone to the Vitality Stadium on a permanent deal.
Jurgen Klopp is unlikely to bring anybody in despite a defensive crisis.
Manchester United are also not expected to make any signings despite clear problems with their backline.
Kalidou Koulibaly has been linked with a move to Old Trafford as has Kostas Manolas while Milan Skriniar could also shore up the defence.