Arsenal fans are struggling to believe the situation they find themselves in heading into the second half of the season, with a high risk the January window could close without any incoming business.
Mikel Arteta's push for mid-season recruits has been frustrating, with the Gunners being snubbed by Dusan Vlahovic and seeing talks for a deal for Arthur Melo collapse.
Amidst those frustrations, a severe lack of depth within the squad has been exposed even further by a wealth of outgoing deals.
That comes despite Arsenal's successful request to postpone the North London Derby with Tottenham due to a depleted squad, which attracted further criticism.
More peculiar is the fact that this doesn't look set to end, with further departures on the cards - least of all being former captain Pierre-Emerick Aubameyang, who is surplus to requirements.
Questions on whether the striker would be weaved back into the side have been present ever since his first omission from the squad and some believed the Africa Cup of Nations would act as a buffer to provide some rest-bite.
That hasn't panned out, however, and it's clear Aubameyang has likely kicked a ball in an Arsenal shirt for the last time, even if a deadline day departure doesn't pan out, though it appears he will be off.
Barcelona are on the hunt for a forward and, having been blown off in their enquiries for Alvaro Morata, have turned their attention towards the former Borussia Dortmund man and are seeking a loan deal.
That leaves Arsenal in a tricky situation, however, as the options within the squad are not great and there's little time for a deal to be done - so what are the best and worst-case scenarios for Arsenal?
Best case scenario
It's a fairly simple situation in regards to the best-case scenario, with it being clear that Arsenal, rather desperately, need a new striker to come in. If that is to happen before the deadline, the best option is Real Sociedad's Alexander Isak.
The Sweden international was spotted in London at the weekend, sparking fresh rumours, but Arsenal may need to splash the cash to secure a deal as he has a lofty release clause - one that the Basque side are unlikely to negotiate due to how late in the window it is.
Having left it so late though, Arsenal can't have too many complaints and need to put their money where their mouth is if a deal is to go ahead this month. Otherwise, things could well be on hold until the summer.
For Isak's part though, he may want a move to materialise in the latter stages of the window as the end of the season could see Arsenal target other options, namely Everton's Dominic Calvert-Lewin and Lille's Jonathan David.
Worst case scenario
With Aubameyang set to depart, it leaves Alexandre Lacazette and Eddie Nketiah as Arsenal's senior striker options - both of whom are out of contract at the end of the season and one of whom has been touted for a late transfer himself.
Crystal Palace and Newcastle United have both been attributed with significant interest in Nketiah, with the former having offers rejected. In truth, Arsenal are unlikely to change their stance unless a new striker is brought in but, considering how this month has gone, you can understand the fans' concern.
If Arsenal were to approve exits for Nketiah and Aubameyang, while failing to land someone else, it would leave Lacazette as the only senior option for Arsenal - with injuries or suspension not bearing thinking about.
With just three goals in the Premier League this season from Lacazette, it would leave Arsenal in a dire situation for the top-four battle.
The likely scenario
There's no denying that Arsenal have made questionable decisions in the transfer market this month but surely even they wouldn't approve departures for Aubameyang and Nketiah without a new face coming through the door.
Therefore, the most likely scenario is that it's Nketiah and Lacazette until the end of the season - which in truth isn't much better than the worst-case scenario, with Nketiah yet to score in the Premier League this season and having just five overall during his league career.
Questions would be raised as to whether these options would be good enough for Arsenal to qualify for the Champions League and the answer, to put it bluntly, is no - Arteta would require divine intervention or a goal-scoring breakthrough from the likes of Martin Odegaard, Bukayo Saka, Emile Smith Rowe and Gabriel Martinelli.
Unfortunately, the likely scenario for Arsenal is pretty bleak. With such a depleted squad and some sub-par options among the senior options left, another season without European exploits looks to be on the cards.
