So far, the Gunners have demonstrated their improvement under Mikel Arteta, who has been at the club for nearly a year now, but in recent games, the north London club have lost three out of their last four matches in the top-flight.
With that said, here are the very latest Arsenal transfer rumours.
Five players that could leave the Emirates
Arsenal are hoping to sell up to five players over the next two transfer windows, according to the Daily Mirror (via Team Talk).
The report claims that the Gunners are hoping to offload Alexandre Lacazette, Sead Kolasinac, Sokratis, Mesut Ozil and Matteo Guendouzi.
Ozil is looking likely to leave on a free transfer at the end of the season after being frozen out by Arteta this term.
With the money generated from these players, the Gunners are hoping to raise around £90million in transfer funds, so they can look at improving the squad.
Gunners handed Brenner blow
Sao Paulo are convinced that Arsenal-linked Brenner will stay put at the Brazilian club for the time being, according to Globo Esporte.
Italian news outlet Calciomercato reported recently that the 20-year-old is a target for the Gunners, but other European giants, such as Juventus, AC Milan and Ajax are also keen on the talented forward.
However, the Brazilian top-flight club are not concerned about the rumours concerning their star striker and believe he will stay at the side at the moment.
The report states that the Brazilian forward feels at home in South America and is not looking to leave.
Madrid competition for Szoboszlai
Real Madrid have joined Arsenal in the race for RB Salzburg star Dominik Szoboszlai, according to Spanish outlet AS.
Szoboszlai has been heavily linked with a move to the Gunners recently, but fresh reports have emerged that Arteta’s side could face serious competition from the European powerhouse of Madrid.
Madrid chief Zinedine Zidane wants to offload playmaker Isco and sees the Hungarian international as an ideal replacement for the Spaniard.
The 20-year-old has a reported £25million release clause in his contract with the Austrian side, which could tempt Los Blancos into pursuing the highly-rated midfielder.