Recent results have seen them slide away from the top of the table, but with no club surging clear, the London club remain in the hunt for the title.
A consistent goalscorer would perhaps have been the individual they wished to pursue, with Gabriel Jesus short of consistency and Eddie Nketiah yet to establish himself as a regular starter, but the financial restrictions have left the club short of options.
But strange things can happen at the end of the window - could the right player yet become available?
Here are some of the latest Arsenal transfer rumours.
A long-time target for the club, Toney has returned to action for Brentford having served his eight-month betting ban. The striker averages a goal every other game in the Premier League and has expressed a desire to test himself at a “top club”.
Brentford, though, are unlikely to want the centre forward to leave without a sizeable transfer fee. The Independent’s Miguel Delaney reports that a price tag of £100m has been set for Toney, and Arsenal may revisit their interest in the summer.
Veteran French striker Benzema is being offered to some top European clubs having joined Saudi Arabian side Al-Ittihad last summer, with the ex-Real Madrid man also linked with Chelsea. It appears that he may stay in the Saudi Pro League, though, with a move to Al-Ittihad and reunion with Cristiano Ronaldo mentioned as a possibility.
Having fired Napoli to the Serie A title last season, club president Aurelio De Laurentiis has said that Osimhen will depart Naples in the summer. Reports in Italy suggest that Arsenal have made contact and could pursue a deal, though they will face significant competition from Real Madrid, PSG and several Premier League rivals for one of the most coveted strikers in Europe.
Arsenal are said to be leading the chase for PSG’s talented Dutch starlet Xavi Simons, who has been on loan at RB Leipzig this season. German outlet BILD suggest that the 20-year-old is also a Bayern Munich target, while Simons has previously been strongly connected with Manchester United.
A new midfielder may also be on Mikel Arteta’s wishlist as he bids to continue to construct a potential title-winning team. Newcastle are unlikely to part with Bruno Guimaraes but there have been widespread reports of long-standing interest in the Brazilian.
Emile Smith Rowe
Smith Rowe has been short of game time this season, and Arsenal may look to loan out the 23-year-old talent as he bids to battle back to his best after a torrid run of injuries. Lazio and RB Leipzig are both said to be intrigued by the possibility of adding the three-cap England international to their squad.
In terms of outgoings, full-back Soares could join Galatasaray having previously been linked with Besiktas, while Mohamed Elneny could also be allowed to leave Arsenal.