Signing Emi Buendia will no longer be possible for Arsenal unless Mikel Arteta raises funds by selling players this month, according to reports.
Norwich have put a £40million price tag on the 24-year-old which is a non-starter for the Gunners with funds tight.
It means Arteta will have to sell players to have any chance of signing Buendia.
Short-term or loan deals could therefore be the preferred option for the Arsenal boss and transfer chief Edu.
The likes of Real Madrid star Isco and Paris Saint-Germain star Julian Draxler are on the radar of the Gunners, according to the Mirror.
William Saliba has left on loan with centre-back Sokratis Papastathopoulos wanted by Greek giants Olympiakos.
Mesut Ozil is likely to stay at Arsenal until the summer when he is out of contract at the club.
That’s despite reports the World Cup winner is in talks with MLS side DC United.
Lucas Torreira could return from a loan spell at Atletico Madrid as could Matteo Guendouzi from Hertha Berlin.
Arsenal are also interested in Dortmund star Julian Brandt but any deal for him is more likely to occur in the summer.