Arsenal spent more than £70m in the summer transfer window.
That included bringing in Thomas Partey, Gabriel Magalhaes, Alex Runarsson, and Willian.
While players have left the club in the January transfer window, including William Saliba, Sead Kolasinac, the soon to depart Mesut Ozil and Sokratis, the Gunners are yet to sign a marquee player this month.
Boss Mikel Arteta has talked about trimming his squad rather than bolstering it.
But that hasn't stopped multiple players being linked with the club in recent weeks and months.
So here are the latest Arsenal -related transfer rumours and stories.
Christian Eriksen swap deal blocked
Inter look to have been blocked in their hopes of an ambitious swap deal involving Arsenal midfielder Lucas Torreira and former Spurs star Christian Eriksen.
Reports in Italy state that Inter are considering an offer to Arsenal of a swap deal involving the pair, which could prove difficult given Eriksen's prior allegiance to Spurs.
And Torreira's agent Pablo Bentancur seems to have blocked any chance of a deal happening, stating that there has been no talks about a move with the Italian club, and that the 24-year-old is staying put for the rest of the season.
"No contact with Inter for Torreira," Bentancur stated. "I have not received any calls.
"Torreira is at Atletico, he is very well in Madrid and will not move in January."
New Emile Smith Rowe deal
Arsenal have reportedly made the decision to offer Emile Smith Rowe a new contract following his fine run of form in the first team.
The midfielder's current deal expires in the summer of 2022, and the Gunners want to remove any uncertainty surrounding his future by extending his stay before the end of this season.
The Mail report that Smith Rowe currently earns in the region of £15,000 per week, but he can expect a similar salary to the £40,000 per week Bukayo Saka earns if he agrees to the deal.
There is reportedly confidence at the club that the 20-year-old will commit his future to Arsenal.
'Crazy offer' needed for Buendia
If Arsenal were to convince Norwich to sell Emi Buendia in January, it would apparently take around £40million-£50million.
Sky Sports state that Buendia is focused on his role for Norwich as they sit top of the Championship, and the Gunners have little chance of convincing the Canaries to part with the Argentine star.
Daniel Farke's side would apparently only be tempted to sell if the Gunners made a "crazy offer".
"The problem Arsenal would have with trying to sign him this month is how much it would cost. Norwich are a very well-run club with a sustainable business model. I have been told it would take a crazy offer for them to be tempted to sell him this month. A crazy offer we are looking at somewhere between £40m and £50m."
