Several strikers have been linked with the club over the course of the window, including Dusan Vlahovic, Jonathan David and Alexander Isak, but none look set to be coming through the doors at the Emirates stadium.
It has been a poor start to the year for the Gunners with defeats in the FA Cup and Carabao Cup, meaning the club will almost certainly finish the season without a trophy.
A new forward would have bolstered the mood around the club, but speaking on talkSPORT, Fabrizio Romano told host Jim White that no deals look imminent.
"I can understand Arsenal fans' [frustrations]. With Vlahovic, it was not an easy deal and he decided to join Juventus," the Guardian reporter explained.
"I'm told their other two targets are not easy for deadline day. Jonathan David is not joining Arsenal today and staying at Lille and maybe could be a target for the summer.
"Alexander Isak, we heard a lot of links as he was in London two days ago. I'm told that from Real Sociedad's side, they don't expect anything to happen on deadline day.
"At the moment, the situation is quiet."
A new forward has been needed for sometime now, especially with the club's current predicament.
After being stripped of the captaincy, and frozen out by Arteta, Pierre-Emerick Aubameyang looks set to leave the club, with Barcelona his likeliest destination.
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Alexandre Lacazette and Eddie Nketiah also have less than six months left on their current deals, and are unlikely to extend their stays in north London.
Furthermore, their tally in front of goal this season has been far from prolific, with the duo amassing just three Premier League goals between them in 20 games.