Dominic Calvert-Lewin is Arsenal's top target if their bid to sign Dusan Vlahovic fails.
But the Gunners know any move to sign the England striker will not be possible until the summer - and will be met with resistance from Everton, as first reported by the Daily Star.
Fiorentina striker Vlahovic looks set to join Juventus - even though Arsenal were prepared to do a deal worth over £50m to bring him in now.
The Serbia star, who has 20 goals in 24 games this season, wants Champions League football next season and favours a move to Juve.
That's despite Arsenal pushing hard to sign him in this window - with Tottenham also making an enquiry.
The Gunners know there is no way Everton would sell Calvert-Lewin this month with the Merseyside club locked in a relegation battle.
But Arsenal are prepared to wait and test their resolve in the summer for a player the club has long admired.
Calvert-Lewin has 11 England caps and started this season with three goals in three games before being ruled out for four months through injury.
Everton will resist any attempt to prise him away, but whether they win their battle for Premier League survival or not, sales are likely at Goodison Park in the coming months.
Arsenal are also interested in Real Sociedad's Alexander Isak, who is believed to have a release clause in his contract.
But they do not rate him as highly as Calvert-Lewin, and will only make a firm move for the Swede if the price is right.
Pierre-Emerick Aubameyang, Alexandre Lacazette and Eddie Nketiah all look set to leave the Emirates between now and next summer.
And Arsenal are willing to pay big money to sign a high-profile centre-forward with a proven goalscoring record to help the club take the next step forward.
