But who is next on Mikel Arteta's wish-list as he looks to guide Arsenal back to European football? talkSPORT.com takes a look…
Karim Adeyemi
Arsenal looking into a January deal for Red Bull Salzburg star Karim Adeyemi.
The Mirror claim the Gunners have identified Adeyemi as a potential replacement for Alexandre Lacazette.
The north Londoners are the frontrunners for the 19-year-old striker but may have to wait until the summer to sign him.
The Bayern Munich academy ace, who already has three Germany caps, has scored 14 goals in 18 appearances for Salzburg this season.
Alexandre Lacazette
Arsenal will reportedly hold off on contract talks with Alexandre Lacazette until the summer - even if they risk losing him for nothing.
The 30-year-old striker will see his current Gunners terms expire at the end of the season and he will be free to talk to other clubs in January.
But The Sun claim Arsenal won't be discussing his deal any time soon.
Atletico Madrid, AC Milan, Marseille and Newcastle are among those said to be monitoring his situation.
The Sun add that Arsenal do not want to offer him a long-term deal but could table a fresh 12-month contract.
Robert Pires
Arsenal great Robert Pires has urged his old club to buy British in the January transfer window.
He said: "It is difficult but in January if Arsenal can spend money maybe on a defender because I think our midfield and strikers are very good players.
"In my opinion sign English players because we need English players in this squad because when you play in the Premier League, you need a player like this.
"For example, in my time I played with Tony Adams, Lee Dixon and Martin Keown, Ashely Cole and this is the base for your team.
"They need to spend the money on a defender in my opinion, English."
Dejan Kulusevski
Juventus are keen to offload the 21-year-old Sweden winger, according to Italian outlet Calciomercato.
The report adds that a swap deal with Arsenal for record signing Nicolas Pepe, 26, has been suggested but the Old Lady prefer cash.
Kulusevski - who is also a target for Tottenham - revealed he grew up loving Arsenal in Swedish podcast Lundh back in October 2019.
He said: "My favourite team is Arsenal, because I like everything about the club, the city, the players and the way they play football."
Florian Wirtz
Arsenal are reportedly keeping tabs on the Bayer Leverkusen starlet, according to Catalan outlet El Nacional.
However, the report adds that Chelsea and Real Madrid are also interested in the race to land German playmaker Wirtz.
The player himself is believed to prefer a move to Barcelona despite the Blues showing the most interest in him alongside Madrid.
Folarin Balogun
Arsenal starlet and reported Liverpool target Folarin Balogun has cast doubt on his future
Jurgen Klopp's side were linked with a move for the 20-year-old forward in the summer and now he has said he is keen for a fresh challenge.
"I feel like I am ready for a new challenge," Balogun said.
"I feel like I have played youth football for a while. I have scored goals at that level and improved at that level drastically compared to now. At the same time I am not sure what that challenge might be.
"It might be a loan, or if I am needed at Arsenal I am here - and the gaffer knows that as well.
"I feel like I am definitely open to a new challenge, wherever it is I will be ready.
"As a striker and as a young player you need minutes. It is the best way to learn and get consistency."
Raheem Sterling
Arsenal have reportedly been given a boost in their pursuit of Man City star Raheem Sterling.
The Daily Express claim Barcelona's scouts have been instructed to stop their preparations for the January transfer window and won't move for long-term target Sterling.
That has apparently played into Arsenal's hands as they look to snap up Sterling.
The England star is valued at around £45million and is interested in securing a new challenge after falling down the pecking order at City.
Matteo Guendouzi
Matteo Guendouzi does not want to return to Arsenal at the end of his loan spell with Marseille.
Speaking to French outlet RMC Sport, he said: "Today, I am on loan and still bound by my contract at Arsenal. But I'm totally focused on what to do with Marseille.
"And yes, it's a club with which I want to project myself into the future and I want to join in the long term.
"These are discussions that I had already had with the club before signing and I feel very comfortable there. And that's why I want to continue to have fun at Marseille."
Eddie Nketiah
Borussia Monchengladbach are reportedly eyeing a January move for Arsenal striker Eddie Nketiah.
Nketiah has had to settle for a bit-part role this season having made just two appearances and The Sun claim he now wants to leave for the good of his career.
The 22-year-old's contract runs out at the end of the season and Arsenal want the England Under-21 international to sign a new deal.
But Nketiah wants to move on for regular game time.
And The Sun claim German club Gladbach want to offer him that and will be free to talk to the player in January.
Ainsley Maitland-Niles
The versatile England star is keen on staying in north London just two months after his failed loan to Everton in the final days of the summer window.
Asked about his happiness compared to the summer, Maitland-Niles told the Mail: "That's all in the past now.
"I am just thinking about the future and what's ahead of me. It was great to be out there, getting my minutes, and hopefully there is more to come."
Dusan Vlahovic
The Fiorentina striker is likely to turn down a move to Arsenal in January, according to Italian outlet Football Italia.
The report adds that the 21-year-old Serbian is waiting for other offers so will join Manuel Locatelli and Joaquin Correa in snubbing the Gunners.
Arteta's side were said to have reached a principle of agreement with Fiorentina over an £68.5m move in the winter window.
The latest report from La Nazione claim that Spurs have joined Arsenal as front-runners to sign him ahead of a number of other European clubs.