Pierre-Emerick Aubameyang's reported exit to Saudi Arabia could pave the way for Dusan Vlahovic's arrival.
Al Nassr have offered to take the out of favour striker on loan until the end of the season with an obligation to buy for £7million in the summer, according to CBS Sports.
The 32-year-old is surplus to requirements after he was stripped of the captaincy last month after a series of disciplinary issues.
The Gunners and sporting director Edu have yet to respond to the bid from the Riyadh-based club, but it's believed they are looking to move on from the forward and keen to get his £250,000-a-week salary off the wage bill.
And Aubameyang's departure would certainly help the club in their pursuit of Fiorentina's Vlahovic who they are willing to break the bank for in January as they target a new no.9.
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It's claimed the 21-year-old is looking for a £300,000-per-week salary wherever he ends up next, but meeting those demands shouldn't be an issue, especially if they get Aubameyang off the books.
Sead Kolasinac agreed to mutually terminate his contract on Tuesday, the fifth player to do so in the past year, while Pablo Mari is set for a loan move to Udinese.
Ainsley Maitland-Niles joined Roma on loan earlier in the window as well which have all helped reduce the wage bill.
But freeing up Aubameyang's £250,000-a-week salary as Arsenal's top earner would be a different kettle of fish.
The forward's status is up in the air, however, after he was released from Gabon's Africa Cup of Nations squad due to the striker's ongoing health issues.
Aubameyang missed his nation's match with Ghana on Friday after scans revealed "heart lesions" following a bout of Covid.
Aubameyang tested positive on arrival in Cameroon on 6 January and will undergo further medical checks upon his return to Arsenal.
Mikel Arteta insists Gabon didn't give Arsenal any clarity over Aubameyang's condition but confirmed they will carry out tests to get to the bottom of it.
The Spaniard said: "He is in London and now he is going through some examinations, because we haven't had any clarity from the Gabon national team about the reasons why he came back so obviously it is our obligation to make sure that medically the player is safe.
"He is in good condition and not any issues related to that - and to try to avoid any suggestion that is the case because so far historically everything we have done with the player, he has never had an issue.
"Hopefully that is the case.
"Let's go step by step and do the right examinations and make sure the players' health is in the best possible condition, and then we'll see what happens."
