Arsenal look poised to make a new signing after it was reported they had an approach for Real Madrid midfielder Martin Odegaard.
The Gunners are interested in taking the 22-year-old on loan - although they face competition from Real Sociedad.
But could Mikel Arteta's side sign anybody else in the January transfer window? Arsenal continue to be linked with Houssem Aouar, but if they succeed in signing Odegaard, a swoop for the Lyon star could wait until next summer - if they still want him by then.
There have also been a number of outgoings, with Mesut Ozil and Sokratis among those exiting, while Folarin Balogun continues to be linked with a move away.
Here is the latest transfer gossip surrounding the Gunners.
Foxes' enquiry over Arsenal target
Leicester City have reportedly enquired about a loan deal for Arsenal target Martin Odegaard.
According to Sky Sports, the Foxes were interested in Odegaard when it first became clear Los Blancos were prepared to loan out the attacking midfielder.
But after initial talks, Brendan Rodgers' side are said to have decided not to pursue their interest.
The Gunners face competition from Real Sociedad to sign Odegaard, and there were conflicting reports from Spain on Thursday as to which club had the edge.
Marca reported that the Norway international preferred to return to Sociedad, where he spent last season on loan, while Sport claimed the Norway international was 'very close' to joining Arsenal.
Aouar 'surprised' Arsenal didn't try harder
Houssem Aouar is 'surprised' Arsenal haven't tried to harder to sign him.
That's according to a report from ESPN, which claims Aouar is waiting to see whether Real Madrid or Barcelona want to sign him in the summer.
Arsenal had a bid of around £31million turned down last summer, and the Lyon attacker is said to have been surprised that they didn't try harder to sign him.
The 22-year-old has scored 27 goals and posted 30 assists in his 153 games for the Ligue 1 side.
Arteta issues Balogun update
Arteta says he does not believe Folarin Balogun has signed for another club.
Balogun has been linked with a move away from the Emirates in the January transfer window with his contract set to end this summer.
The young striker is said to be on Liverpool's radar - but Arteta said he is hopeful the 19-year-old will stay.
“He’s showing a real hunger and desire to be with us,” said the manager, as reported by Football London.
“We’re trying to get something done because we want him to stay. We have to go step by step.
"I think he’s made some big steps in the last few months where he wasn’t even training and then he had a few good games for us. So the steps are there and we want to try to keep him.”
Asked whether Balogun had already signed a deal with another club, Arteta said: "As far as I know, no."