The Gunners’ priority is a new wide forward and the club have been in talks over a move for Shakhtar Donetsk’s Mykhaylo Mudryk.
Arsenal could also look at bringing in a midfielder and a left-sided centre-back, but may wait until the summer to do that.
A wide forward. They wanted to sign one in the summer and looked at Pedro Neto from Wolves, but changed their approach late on and tried to buy a midfielder instead when both Mohamed Elneny and Thomas Partey got injured.
Mudryk has emerged as one of their top targets. Arsenal have had an opening bid of around £55million for the Shakhtar Donetsk winger rejected but are set to return with a new bid.
What else they need
There is an argument to say that Arsenal need to go into the market for a striker now Gabriel Jesus faces three months out with a knee injury.
Eddie Nketiah is likely to come into the team, but beyond him there is a lack of options. A new wide forward could ease the pressure on Nketiah and allow Gabriel Martinelli to play through the middle.
Long-term, Arsenal want to bring in a left-sided centre-back to compete with Gabriel Magalhaes. They are also in the market for another central midfielder.
Mudryk has emerged as a top target, but Arsenal will need Shakhtar to reduce their £85m asking price.
The club have also scouted Orlando City winger Facundo Torres but he would appear to be one for the future as opposed to the present.
Joao Felix and Jonathan David could emerge as viable options given they can play out wide or through the middle.
Arsenal are fans of Eintracht Frankfurt defender Evan Ndicka and Leicester midfielder Youri Tielemans, but they could just wait and sign them both for free in the summer when their respective contracts expire.
There is unlikely to be any noticeable outgoings at Arsenal in January, with Arteta having previously described his squad as being “short”.
But one player who could leave is Cedric Soares. Fulham are leading the race for him, but Bayer Leverkusen and Villarreal are interested too.
Reiss Nelson is the final six months of his contract and could attract interest, but he has expressed a willingness to stay and fight for his place.
Elneny is another player entering the final six months of his deal, however he has proven to be a useful squad player. Arsenal also have the option to extend his contract by another year.