The loan signing of Pierre-Emerick Aubameyang has been approached by two other teams.
It would be difficult to get a deal done given the wages of the player, which are thought to be around 350,000 a week.
The deal would have to be financially acceptable for the club to allow him to leave.
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The former captain has been left out of the squad for the warm-weather training camp.
Sky Sports News reported earlier this month that the 32-year-old would prefer a move to a top European club if a deal can be agreed.
Paris Saint-Germain, AC Milan, and Sevilla are all interested in this transfer window.
Saudi Arabian clubs Al Nassr and Al Hilal have made loan offers.
If they can get rid of Ousmane Dembele, Barcelona are hoping to free up wages.
A deal has been reached to sign Dusan Vlahovic. This could have an effect on the future of Alvaro Morata, who is currently on a loan at the Italian club.
Sky Sports analyst Paul Merson.
It is hard to get players in.
They wanted to bring in Dusan Vlahovic, but he wasn't interested. He is heading to Italy.
I wouldn't panic now if I was an employee of the club. You can't just chase someone for all this time and then switch targets.
The window is just days away so, for me, I want to wait.
I am not sure if I would bring Pierre-Emerick back in from the cold.
I am not sure how far down the line this is. You have to see how the player is feeling down at the club.
I thought Mikel Arteta chopped his nose off in order to spite his face.
Arteta does not have the biggest squad in the world.
There needs to be a sit-down meeting with the man.
You have seen it before where players just said it. He was hung out to dry.
It could have been solved behind the scenes. It could have been handled better on both sides, but now it needs to be sorted out.
On his day, he is one of the best players in the club.
With the struggles in the transfer market, it looks like Arteta might have to go back to his old club, and ask: "Have you got another six months for us please?"
When the summer transfer window opens, they may be able to sort something out.
No one will complain if Lacazette puts the open goal chance away.
Everyone would be talking about how good a result it would have been for the team. Everything is great after the 1-0 win by the Gunners. They only scored one goal in January, which was their best performance of the year, because he missed an open goal.
That is the problem for the club. Without a centre forward, you are not going to win a lot of games.
People will say that Manchester City do, but they still have to win the trophy. They have superstars all over the pitch and are the only team in the world that can do that.
There is a need for a centre forward.
The clock is not running. The transfer window closes at 11pm on January 31.
Sky Sports has a dedicated Transfer Centre blog where you can keep up-to-date with all the latest transfer news. Sky Sports News has the ins, outs and analysis.
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