Mikel Arteta has previously insisted that any new additions to his side must be first-team regulars rather than simply filling up the numbers as squad players.
"We are going to be active and active means we are looking to strengthen the team," Arteta told reporters after their Boxing Day win over West Ham.
"We said that we will try to find ways to strengthen the team. We will find the right players," he added.
But who are these players? We take a look at those who could feature for the Gunners this season.
Mykhailo Mudryk, Shakhtar Donetsk
It’s no secret Arsenal are interested in the talented Ukrainian winger but have seen their most recent bid, reportedly in the region of £55m, turned down.
"Negotiations are continuing," Shakhtar CEO Sergei Palkin explained on the club’s website. "We receive offers, but they are not the ones we would like to see on our table."
Mudryk is currently with Shakhtar on their end-of-season training camp as they prepare for the Europa League tie against Rennes in February, but sparked rumours of an imminent move after posting a video of Eddie Nketiah’s goal against the Hammers on his Instagram account.
When asked about the post, Arteta replied: "The good thing in England is that we're the only ones playing through Christmas, so hopefully a lot of people are watching our game and we've given them a good show."
Alexis Mac Allister, Brighton & Hove Albion
One of Argentina’s star players in their World Cup triumph in Qatar, Mac Allister has seen his stock rise substantially with Arsenal, Liverpool and Atletico Madrid reportedly interested in the 24-year-old midfielder.
However they could face stiff competition from Juventus, the player's preferred destination, with Massimiliano Allegri keen to offload Weston McKennie to land the midfielder.
Adrien Rabiot, Juventus
The French midfielder was close to joining Manchester United over the summer but the deal collapsed due to personal terms, and Arsenal - as well as north London rivals Tottenham - have reportedly shown interest in the 27-year-old after an impressive World Cup for Les Blues.
Spurs are considered slight favourites given their sporting director, Fabio Paratici, worked for the Old Lady for over a decade and used his connections to sign Rodrigo Bentancur and Dejan Kulusevski from Juve last summer.
Ibrahima Bamba, Vitoria Guimaraes
The 20-year-old midfielder currently plays in Portugal and has attracted the attention of the Gunners as well as PSG, Atalanta and Club Brugges.
Bamba only made his Primeira Liga debut in February but his incredible form has seen his valuation rocket to £30m.
Ferran Torres, Barcelona
The Gunners had an audatious £26m bid turned down over the summer for the Spanish international but have reportedly rekindled their interest in the striker.
Felix is already familiar to life in England having won the Premier League and Carabao Cup for Manchester City during the 2020/21 season and could be persuaded to join a rejuvinated Arsenal under City's former assistant manager Mikel Arteta.
Youri Tielemans, Leicester City
Arsenal were keen on signing the 25-year-old Belgian in the summer but have renewed their interest amid speculation linking the midfielder to Premier League rivals Newcastle United and Liverpool.
Leicester could be pesuaded to sell Tielemans in January if they fail to agree new terms, given the player is out of contract at the end of the season.
Joao Felix, Atletico Madrid
Arsenal are currently vying with Manchester United and Chelsea for the Portugal star but have hit a stumbling block after being told it will cost £8m to sign the player on loan for six months.
Atletico paid £141m for the player in 2019 and are keen to recoup as much as possible for a player who has only played five times for them in the league this season.
