The Gunners spent more than many expected during the summer - most notable their club-record purchase of Nicolas Pepe - and could look to further strengthen their squad when the window reopens.
Here, Sports Mole rounds up the latest news on possible comings and goings at the Emirates Stadium.
Saturday morning's headlines:
Arsenal to rival Tottenham Hotspur for Max Aarons?
Arsenal are set to battle with local rivals Tottenham Hotspur for Norwich City right-back Max Aarons, according to a report. Read more.
Arsenal interested in Bayern Munich defender Jerome Boateng?
Arsenal are reportedly interested in striking a deal for Bayern Munich defender Jerome Boateng this month. Read more.
Leicester City leading Arsenal in race for Juventus defender Daniele Rugani?
Leicester City are reportedly ahead of Arsenal in the race to sign Juventus defender Daniele Rugani this month. Read more.
Tottenham Hotspur to rival Arsenal for Atletico Madrid forward Thomas Lemar?
Tottenham Hotspur reportedly plan to rival Arsenal for the signature of Atletico Madrid forward Thomas Lemar this month. Read more.
Arsenal 'leading Manchester United in race for Juventus defender Merih Demiral'
Arsenal are reportedly leading Manchester United in the race to complete the signing of Juventus defender Merih Demiral in this month's transfer window. Read more.
Chelsea, Tottenham Hotspur 'in frequent contact with Kalidou Koulibaly'
Chelsea and Tottenham Hotspur are reportedly in frequent contact with Napoli over potentially signing defender Kalidou Koulibaly. Read more.
