The summer transfer window has now begun, with rumours and speculation continuing to swirl as Arsenal eye possible reinforcements.
The Gunners spent more than many expected last summer - most notably their club-record purchase of Nicolas Pepe - but were more reserved in January as they focused on bolstering their defensive options.
Here, Sports Mole rounds up the latest news on possible comings and goings at the Emirates Stadium.
Thursday morning's Arsenal transfer talk news roundup:
Real Madrid have reportedly rejected offers from Arsenal and Leeds United for youngster Cesar Gelabert.
Ahead of the closure of the summer window, both Premier League outfits are bidding to strengthen their respective squads.
However, according to AG Deportes, they will not be bringing in Gelabert before Monday's transfer deadline.
Despite facing the prospect of limited first-team opportunities, the 19-year-old has no interest in departing the Bernabeu at this time.
Los Blancos are also against parting ways with the attacker, who has less than a year remaining on his contract.
While he is yet to make his senior debut, Gelabert has made 21 appearances for Madrid's second-string side Castilla.
Bayer Leverkusen have reportedly launched a £9m bid for Arsenal defender Sead Kolasinac.
The Gunners are expected to be active before the end of this summer's transfer window but will need to raise funds through player sales in order to improve their squad in the coming days.
According to the Daily Mail, Leverkusen have offered £9m for Kolasinac and are hoping to soon secure a deal for the 27-year-old, having seen talks progress on Wednesday.
The Bosnia-Herzegovina international joined the Gunners from Schalke 04 in 2017 and has made 107 appearances for the Premier League side in all competitions.
Kolasinac has featured on three times for Mikel Arteta's side this term but has been an unused substitute in two of their three Premier League matches in 2020-21.
The defender's existing deal at the Emirates Stadium is due to run until June 2022.
More transfer news from Arsenal:
West Ham United 'to reject all Chelsea bids for Declan Rice'
West Ham United will refuse to sell Declan Rice to Chelsea before this summer's transfer deadline, according to a report. Read more.
Manchester United 'have not made offer for Ainsley Maitland-Niles'
Manchester United have not bid for Arsenal midfielder Ainsley Maitland-Niles, according to a report. Read more.