Arsenal 's hopes of winning the FA Cup ended with a humiliating 1-0 defeat to Championship side Nottingham Forest on Sunday afternoon.
The Gunners can still qualify for the Champions League, however, with a strong end to their Premier League campaign.
Mikel Arteta 's side are currently fourth in the table, holding a narrow advantage over West Ham, Tottenham and Manchester United.
Arsenal can also still win the EFL Cup but will need to overcome Liverpool, starting with the first leg at Anfield on Thursday evening.
The club's hierarchy will be tempted to bring in reinforcements in January, but who can they sign?
Here are the latest transfer rumours from the Emirates... including a surprise move for a Paris Saint-Germain star.
Have Your Say! Who should Arsenal sign in the January transfer window? Let us know here.
Arsenal ramp up Wijnaldum interest
Arsenal have "accelerated" their interest in Paris Saint-Germain midfielder Georginio Wijnaldum, according to Spanish outlet Fichajes.
The former Liverpool ace, 31, is said to be unhappy with his game time at PSG. He's made 10 Ligue 1 starts this season.
It's believed a bid between €15million and €20m (£12.5m and £16.7m) will be enough to sign Wijnaldum on a permanent deal in January.
Newcastle are also thought to be interested in the Dutchman, who was part of the Toon team that suffered relegation from the Premier League in 2015-16.
Arsenal legend Ian Wright has urged his former employers to make a loan move for Wijnaldum.
"I saw Wijnaldum's name, that would be amazing," said the Gunners icon on The Kelly and Wrighty Show. "A loan signing from PSG.
"Someone like that in the midfield. Of that experience. He is a Premier League winner. Just to help with the youngsters and [Albert] Sambi Lokonga just to keep it going.
"Then, they can add to the squad and, all of a sudden, Arsenal can start challenging and challenging seriously."
Arsenal want emergency loans
The Gunners are looking to make some emergency loans following a Covid outbreak at the club, according to The Sun.
Granit Xhaka and Folarin Balogun have recently tested positive for the virus and could miss the Liverpool tie on Thursday.
Takehiro Tomiyasu and Emile Smith Rowe are also doubts for that game after picking up knocks, while four other players are currently taking part in the Africa Cup of Nations.
It's unclear who Arteta will try to sign as an emergency loan and whether anyone will be up for a brief spell at the Emirates.
"We are going to move and look for options because we are very short there," said the Spaniard when discussing his midfield options last week.
Speaking after the Forest defeat, he added: "I think it’s clear where we need to strengthen but at the moment we have to try to get the best out of the players we have."
Transfer news LIVE! Wijnaldum's Arsenal stance, PSG after Man Utd's Ronaldo plus Liverpool latest
Vlahovic going nowhere... for now
Fiorentina are determined to keep hold of Arsenal target Dusan Vlahovic in January, according to football.london.
The Italian outfit has accepted the prolific striker, 21, will leave the club in the summer but it's believed they have no interest in selling him this month.
As reported by Mirror Football on Monday, Arsenal are willing to break the bank to get Vlahovic through the door as soon as possible.
"They should be breaking the bank to get Dusan Vlahovic in from Fiorentina in the summer - because he would make them title contenders," Arsenal legend Paul Merson told the Daily Star.
"I've heard he's not interested in Arsenal right now and I can understand that. But he might change his mind if they finish in the top four and offer him a lorryload of money."
