There is a widely held belief in football that January is not a good time to do transfer business. One reason for this is that selling clubs are generally more reluctant to listen to offers at the midway point of the season, which makes it harder to find bargains.

Another is that the finances for buying clubs are far less straightforward than in the summer, when the economic picture is more clear. For a team that is competing for European places, for example, it can be difficult to know in January whether to budget for Champions League revenues or Europa League revenues in the following season.

In recent years, however, there have been more than a few examples of big clubs successfully moving for game-changing attacking players in the winter window. Each of these deals flies in the face of those who say that January is only a time for panic-buyers. And as Arsenal come to terms with the double loss of Bukayo Saka and Raheem Sterling, their two right wingers, they could do a lot worse than looking towards the Premier League leaders for inspiration in that regard.

Liverpool are currently top of the Premier League and Champions League tables and one of the keys to their success has been their strength in depth in attack. Mohamed Salah, Luis Díaz, Cody Gakpo, Darwin Núñez and Diogo Jota together represent the most formidable attacking quintet in English football.

Of those five forwards, two were signed in recent January windows. Díaz joined from Porto for an initial £37.5 million in January 2022, before Gakpo followed him a year later from PSV Eindhoven for around £35 million. To those who argue there is limited value to be found in January, Díaz and Gakpo provide the ultimate riposte.

Another forward to arrive in the Premier League in a recent January window is Dejan Kulusevski, who is now unquestionably Tottenham Hotspur’s best attacking player. At Arsenal, meanwhile, it should not be forgotten that Martin Odegaard initially moved on a January loan from Real Madrid. Leandro Trossard is another successful winter acquisition on Mikel Arteta’s watch.

With Saka and Sterling out of action for the foreseeable future, will Arsenal be able to make another move for a forward player next month? On Monday, Arteta said the club were “ready” and “open” to doing so – even if he prefaced that answer by insisting that he is focused on finding in-house solutions.

The loss of Saka is a new problem but it speaks to a longer-term problem at Arsenal. Indeed, there are many supporters who believe the club are already late in investing in their front line, having not done so heavily in the summer. Despite targeting Slovenia striker Benjamin Sesko, Arsenal did not end up signing a forward player until Sterling arrived on a last-minute loan deal from Chelsea. Instead, they invested in defender Riccardo Calafiori and midfielder Mikel Merino.

There was an acceptance within Arsenal’s corridors of power last spring that Arteta’s squad was in need of another dynamic in attack, either on the wing or up front. Clearly, that remains the case. The Sterling solution – which, sadly for all concerned, is currently not much of a solution at all given the timing of his injury – was only ever a stop-gap.

The argument that many fans will be putting forward, then, is that Arsenal should bring forward their plans to invest in the frontline next summer. Sterling will need replacing at the end of the season anyway, so why not move now and accelerate the transfer plans at a time of need?

Of course, this is an idea that looks good on paper but will be immensely difficult to execute in January. Some players who could be available in the summer might not be available now, after all. Most clubs would rather wait for a player they really want than rush for an alternative option who does not fit their model quite so well.

But there is no doubt that Arsenal will now be exploring their options, in search of an opportunity. It is relevant, too, that the hunt will be led by interim sporting director Jason Ayto, who stepped up to the role following the resignation of Edu Gaspar in November. It would certainly help Ayto’s case to be appointed the new permanent sporting director if he produced a high-class forward signing over the next few weeks.

It is clear that Arsenal did not intend to spend big on a forward in January. Given their injury problems, a defensive acquisition was regarded as more likely. Situations change, though, and the double blow of losing Saka and Sterling could alter their plans. For a club with serious ambitions of winning major honours, they must surely at least try to find an external solution to this sudden, and deeply alarming, problem.

Telegraph Sport picks four potential targets for Arsenal

Leroy Sane

As it stands, the Germany winger – formerly of Manchester City, where he worked with Arteta – will be out of contract next summer. Sane is reportedly keen to stay at Bayern Munich but, with no agreement reached yet, his future is still uncertain. His huge salary would be an obstacle.

Rayan Cherki

Cherki, a prodigiously talented forward, has long been seen as one of the most gifted players of his generation. The Frenchman has five goals and seven assists this season and can play across the front line. Reports in France suggest that a number of top clubs, including Premier League sides, are watching the 21-year-old closely.

Johan Bakayoko

A creative and dynamic 21-year-old right winger, Bakayoko impressed against Arsenal in the Champions League last season. As reported by Telegraph Sport earlier this month, he is a player of serious interest to Newcastle United. It remains to be seen whether PSV Eindhoven would sell him now, though.

Marcus Rashford

Could it happen? In truth, it still feels hugely unlikely – not least because of Rashford’s extraordinarily high wages at Manchester United. The finances involved are surely prohibitive, and that is if Arsenal even considered him capable of playing in Arteta’s system. Then again, the simple facts are that Rashford wants a new club and Arsenal are short of top-quality forwards. The Arsenal manager gave a blunt answer when asked about Rashford last week. “You know I’m not going to talk about players from other clubs,” Arteta said.