They've been linked with wonderkid Dominik Szoboszlai - the 20-year-old who's emerged as one of Europe's finest young players for his exploits for club Red Bull Salzburg and on the international stage as his fine last-minute solo effort saw Hungary qualify for Euro 2020.
However, more rumours over who Arsenal could be signing emerged this week with Sheffield United midfielder Sander Berge and former academy player Yunus Musah, who plies his trade at Valencia, also linked.
But the big transfer story involving Arsenal would surely send shockwaves in the Premier League, with former Tottenham star Christian Eriksen reportedly being offered to the Gunners in a cut-price deal.
The Denmark international has struggled for form since joining Inter Milan in January and the Italian giants are ready to cut their losses with the player.
However, the elephant in the room is that Eriksen spent six-and-a-half seasons at Arsenal's north London rivals Tottenham. It wouldn't quite be Sol Campbell leaving Spurs for Arsenal but it would be some move if it happens.
Eriksen has shown he has what it takes to play in the Premier League and his arrival would surely silence calls to bring outcast Mesut Ozil back in the fold - there are cries to bring the German back amid Arsenal's bad results so far this season.
This, plus the other signings would enable Mikel Arteta to play a more attacking side rather than revert to five defenders that he's opted for plenty of times this term.
Eriksen in the No.10 role, with Szobozslai on his left and Musah to his right would make for a formidable attacking force, plus star forward Pierre-Emerick Aubameyang could play as a centre forward.
Arsenal also have the likes of Nicolas Pepe, Willian, Bukayo Saka and Alexandre Lacazette as options going forward so there would be the competition that's needed for the Gunners to become a top team.
Further back, you'd have Berge holding the fort alongside Thomas Partey. Dani Ceballos and Granit Xhaka have a decent rapport together but whether the Spaniard will join Arsenal permanently or head back to parent club Real Madrid at the end of the season remains to be seen.
Meanwhile, Xhaka has something of a difficult relationship with the fans and although it's not as bad as it got last season, there's no telling whether the Switzerland captain's long-term future is safe.
The defence is more familiar but crucially there are four instead of a three in defence with wing-backs or a back five, with Berge and Partey in midfield together allowing this to happen.
How Arsenal could line up
Arsenal fans haven't had too much to shout about this season but one or two exciting transfer stories involving the Gunners are developing.