Arsenal have an opportunity to seal a move for Renato Sanches as a deal for Arthur Melo stalls.
The Gunners are struggling to come to an agreement with Juventus for the Brazilian as financial stumbling blocks have emerged.
Arsenal have offered to take the midfielder on loan until the end of the season, but the Italians would like an obligation to buy inserted in the deal - something the Gunners are against as a permanent transfer is out of the equation.
Arthur is keen on a move to Arsenal after his agent Federico Pastorello had a productive meeting with sporting director Edu in London.
But it seems like that trip might be in vain as a deal for the former Barcelona man looks set to break down.
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Arsenal will have to turn their attention elsewhere but have other targets that could strengthen their midfield.
Renato Sanches is at the top of the list as his future at Lille is up in the air.
The Portugal star has revived his career in Ligue 1 after struggling to deal with his stardom at an early age with Bayern Munich.
But that's firmly behind him as he attracts interest from several clubs around Europe.
The reigning French champions are keen to tie him down to a long-term deal but the 24-year-old has put these on hold to look for a 'new adventure' according to football.london, via SportItalia - opening the door for Arsenal to muscle their way in.
Sanches' contract runs out in the summer which could force Lille's hand to cash in on the playmaker this month.
Speaking last month, the Portuguese international specifically namechecked the Gunners as one of the clubs that were interested in acquiring his services.
He told L’Équipe: “Who is interested in me? Maybe Milan and Arsenal are interested, but I don’t know. I talked to my agent, I know which clubs are calling and which are not, but now I can’t tell. But I know I’m ready. If it happens, I’ll see what’s best for me.
“Milan? It’s a great club, a historic club. It's classy. I like it. I was supposed to go to Barcelona in the summer, then my injury blew everything up. Leave in January? I know I’m ready. If an offer comes in.”
Arsenal are running out of time with a week left of the transfer window but Mikel Arteta insists they will not make any panic buys.
“It’s what we planned, but the market is difficult, it’s complicated,” the Spaniard said.
“We knew that but it’s a lot to manage and we have to make the right decisions with players that we believe are going to really help us and try to bring in ones that can take us to the next level.
“We are certainly trying, but I don’t know if we’re going to be able to do it. Let’s see, it’s not only our intention but a lot of facts that are needed to happen.
“Players that come here have to be able to take us to the next level. We already have a level, and we want to see much better standards than we already have, and that is how we’re going to recruit.”
