Arsenal spent around £70m on players in the summer, namely Lucas Torreira, Bernd Leno, Sokratis and Matteo Guendouzi. Everybody knows that the Gunners are a club with deep pockets, so whilst to some that figure might seem astounding, to a club like Arsenal, it's probably not even half of their transfer budget for this season.
So far this season, Arsenal have found themselves slightly lower than they had hoped, sitting in 5th place on 34 points - 11 point from the top spot. If they want to ensure that they make it into the top four of the Premier League this season, they'll need to bolster the squad next month.
In this list, we'll take a look at six players that have been closely linked with the club, and determine just how probable a completed transfer could be.
#6 Wesley Moraes (Club Brugge)
Wesley Moraes, professionally known as just Wesley, is a 22-year-old striker who currently plays for Club Brugge in the Jupiler Pro League. He's of Brazilian origin but is yet to be called up to the national team.
Wesley is a prolific striker in the league, having scored 26 goals in 86 appearances across four seasons. He's also netted twice for them in the Champions League this season.
It did take some time for Wesley to show any real signs of improvement during early development, however, and it wasn't until he was 20 years old that he was taken from obscurity by Club Brugge; he was bought for £900k in January 2016 from AS Trencin, a side who competes in the Slovakian first division.
Transfermarkt currently value the striker at £8m, a marked rise from the mere £900k spent on him almost three years prior.
Rumour probability: 6/10
90min.com, amongst others, have reported that Arsenal are looking to sign the Brazilian for around £15m in January. They'll have to fend off competition from Fiorentina and Valencia for the striker's signature, however.
But the main reason why Arsenal are interested in Wesley is due to the fact that Unai Emery wants more healthy competition for Aubameyang and Lacazette, so they don't become complacent.
#5 Nicolas Pepe (Lille)
Nicolas Pepe is a 23-year-old right winger who plays for LOSC Lille in Ligue 1. He's currently the top scorer in the division with 12 goals. He also features for the Ivory Coast national team, and has made 10 appearances since November 2016, scoring three goals.
He's widely regarded as one of the next big things in football right now, possessing the speed and agility to pass virtually any defender, whip in a cross, and cause havoc in the opposition's penalty area. His ability is reflected in his price, with Transfermarkt valuing him at £36m as of December 2018.
What makes Nicolas Pepe so valuable right now is not just his ability out on the wing, but also the fact that he can be played as a centre-forward - a role in which he's just as dangerous.
He remains in constant development and progresses rapidly with each passing season. Pepe only joined Lille in the summer of 2017 for £9m, and yet his value has already risen by a staggering £27m in the time since.
Rumour probability: 7/10
The Sun have reported that Arsenal are locked in a fierce battle for Nicolas Pepe's signature, with Chelsea and Tottenham also prepared to make a move for the Ivorian when the transfer window opens. Arsenal are reportedly ready to pay around £45m for the star, £9m higher than his market value.
Pepe would serve as a long-term replacement for Danny Welbeck, who the Gunners are hoping to get rid of next month. He'd also provide some competition for their current strikers.
#4 Ben Chilwell (Leicester City)
Ben Chilwell is a 21-year-old left-back who plays for Leicester City in the Premier League. He's also an England international, having made five caps since September 2018.
A product of Leicester's youth academy, Chilwell has had to work hard to navigate his way through the ranks. He's featured for Leicester's U18s and U23s on his way to the first team, and was sent out on loan to Huddersfield in November 2015, but was recalled by the Foxes just over a month later after showing some excellent form.
The following season (2017-18), Chilwell began to be played more regularly in the side, appearing a total of 24 times for Leicester in the Premier League, securing two assists along the way. This season he's already been involved in 16 games, and is set to surpass his prior record of matches for Leicester, having cemented himself as a first choice left-back.
Chilwell also impressed in the UEFA Nations League, with a particularly splendid performance against Croatia. This led to a plethora of tweets from Gunners fans wishing that they had the defender in their team.
Rumour probability: 5/10
Although there have been rumours of Arsenal's interest in Chilwell, nothing has been confirmed as of yet. Unai Emery is supposedly holding off talks because Leicester's price tag is far too high. But it doesn't seem to be an issue for Premier League rivals Man City, who are expected to swoop in for the 21-year-old next month, with a fee of around £50m.
#3 Nadiem Amiri (TSG 1899 Hoffenheim)
Nadiem Amiri is a 22-year-old attacking midfielder who plays for TSG Hoffenheim in the Bundesliga. He also plays for Germany's U21s, having made 17 appearances since his debut in March 2016, and scoring three goals. He's yet to play for Hoffenheim this season, however, as he's currently recovering from a foot injury.
Amiri is a key figure in the Hoffenheim set-up, and he averages around 28 appearances for the side in the Bundesliga each season. Last season he netted two goals and set up a further three. He's certainly a very good player on the ball, but if he's to be playing so far up the field, he needs to ensure that his final product is better - especially if he plans to make a splash in the Premier League.
Nadiem Amiri had spells with German clubs FC Kaiserslautern Jugend and SV Waldhof Mannheim Jugend before he switched to Hoffenheim's youth set-up in the summer of 2012 on a free transfer. It would take two years before Amiri was selected for the first team.
Amiri could offer a great deal to a side like Arsenal, and would plug many of the gaps in their attacking. Whilst Mesut Ozil currently occupies the space behind the strikers, having a player like Amiri constantly competing for the spot would ensure that Ozil doesn't become complacent, as he's known to have been in the past.
Rumour probability: 6/10
The Sun have reported that Arsenal will have to battle it out with fierce rivals Tottenham Hotspur if they want to sign Amiri in January, with a £15m figure expected to be the starting price for the Hoffenheim ace.
Because Arsenal have been somewhat "wet" in past bidding wars for players, the likelihood of them getting a player in this situation is slightly less than what it could be normally. But having said that, it ultimately comes down to who Amiri wants to play for, and that could go either way.
#2 Saul Niguez (Atletico Madrid)
Saul Niguez is a 24-year-old central midfielder who plays for Atletico Madrid in La Liga. He also features for Spain's national team, having made 15 appearances since his debut in September 2016, scoring two goals in the process.
Saul is a useful player to have in your squad, as he can also be deployed as a right and left midfielder, which means that he's essentially an all-rounder when it comes to the middle of the pitch. This type of player would suit Arsenal down the ground, especially with the number of complaints their current midfielders get.
Arsenal have been linked heavily with the Spaniard in the past, but the gossip between the two clubs has dwindled since that time. This isn't to say that the Gunners aren't interested in the midfielder, because they surely would be, it's just a matter of being able to pay the sum that Atletico Madrid ask for. And with Manchester City also eyeing Saul at the moment, there might be a simple result to that potential bidding war, and it wouldn't be in Arsenal's favour.
Transfermarkt believe Saul's market value is in the region of £80m, but there's no doubt that Atletico Madrid would want at least £100m - especially for a player as integral to the side as him.
Rumour probability: 4/10
As stated above, much of the speculation between Saul and Arsenal has occurred in the past, primarily in the summer, but after nothing materialised, a lot of the rumours faded away. But if Arsenal can afford to contend with the likes of Manchester City for Saul's signature next month, then surely he would be their number one target.
#1 Cengiz Ünder (Roma)
Cengiz Ünder is a 21-year-old right winger who plays for Roma in Serie A. He also plays for Turkey's national team, having made 17 appearances since his debut in November 2016 and scoring four goals in the process.
Ünder can also be utilised as a left winger and an attacking midfielder, and it's this versatility that makes him such an important player in Roma's first team. It's easy to see how much of an asset he would be if he joined Arsenal, as he'd instantly be able to slot into one of the three gaps the Gunners currently need plugged.
Last season, Ünder featured in 26 matches for Roma in Serie A, which is very impressive for a player of his age, as most are still trying to work their way into the first team at that stage in their career. This season he's also featured prominently, playing in 14 matches and scoring twice.
His value is around £31m, according to Transfermarkt, which is about right for a player of his age and quality. He has a lot left to give clubs, so if he's this good already, imagine how great he could be by his mid-twenties.
Rumour probability: 7/10
Ünder has been strongly linked with Arsenal for a while now, but nothing has ever materialised. The Gunners need to get their man next month or they risk losing him to a rival club.
Despite his market value being £31m, The Guardian have said that for the clubs interested in him (Arsenal and Chelsea to name a few), they will have to cough up around £54m to pry the 21-year-old from Roma in January. This isn't too much of a setback for the high-profile European clubs who are after him, but it is a lot of money, so some clubs may need to reconsider.