Arsenal, currently leading the Premier League, boasts enviable squad depth following their ambitious summer acquisitions, positioning them as the envy of their competitors.

With Kai Havertz making strides in his recovery—having played 45 minutes against Kairat on Wednesday—Arsenal enjoys a nearly complete roster to select from.

However, after enduring three consecutive league games without a victory and witnessing their lead shrink to four points, is there an appetite for some last-minute transfer activity? Our Arsenal correspondent, Isaan Khan, provides insights into the latest happenings at the Emirates.

The club’s executives remain confident that their £250 million investment over the summer has equipped them with a title-ready squad. Nonetheless, they remain vigilant in the market, particularly eyeing a promising young defender.

Despite the squad’s depth, players such as Noni Madueke and Eberechi Eze find it challenging to secure playing time, with competition for matchday spots intensifying now that previously injured players have returned.

Maintaining squad fitness is crucial for Arsenal as they navigate a demanding schedule, intensified by their on-field success. With a Carabao Cup semi-final second leg against Chelsea, potential FA Cup advancement, and the Champions League knockout stages, the Gunners face a packed fixture list alongside their remaining league matches.

It will require careful squad management.

Arsenal have such strength in depth that even players of the calibre of Eberechi Eze have struggled for game time

Noni Madueke is another who has not nailed down a starting spot in the Arsenal team since arriving in the summer

2. Do they have money to spend?

Yes, Arsenal are financially healthy. That position will only get stronger with the Gunners expected to go deep in all competitions this season, and possibly win the league, which could net them around £175m alone.

If Arsenal get to the quarter-finals of the Champions League, which is the minimum expectation, they’re looking at around £100m in terms of broadcast money and gate receipts.

Even with the splurge in the last transfer window, the Gunners’ wage bill is still below that of the Manchester clubs and Chelsea. But after last summer’s outlay, any extravagant late spend in January would not fall in line with the club’s aim to be financially sustainable.

3. Who are they targeting?

Sporting director Andrea Berta has pressed on with scouring the foreign market for talented young players under the age of 18.

In October, Arsenal reached an agreement for Victor Ozhianvuna to join from Irish side Shamrock Rovers in January 2027, when he turns 18. And earlier this month, the club signed Ecuadorian twins Edwin and Holger Quintero from Independiente del Valle, with the two 16-year-olds to join Arsenal in August 2027, when they turn 18.

The latest target is Real Madrid defender Victor Valdepenas, whom the Gunners have been tracking for some time. The 19-year-old made his first-team debut last month and has been tipped to have a bright future. Valdepenas is an attractive option and able to play at left back or centre back. Though a number of top European clubs are interested in the defender.

Aside from youngsters, Arsenal are exploring the possibility of a move for Atletico Madrid striker Julian Alvarez in the summer. 

Berta spent 12 years at Atletico and was the man who personally negotiated Alvarez’s £82m move from Manchester City in 2024. Arsenal’s strikers have struggled to score goals this season, while Alvarez has struck 40 in a season-and-a-half at Atletico.

Arsenal have signed Ecuadorian twins Edwin (left) and Holger Quintero from Independiente del Valle 

Arsenal are exploring the possibility of a move for Atletico Madrid striker Julian Alvarez in the summer

4. How have their summer signings fared so far?

Berta’s first transfer window at Arsenal has proven to be transformative. Eight players came in — Kepa Arrizabalaga, Eze, Viktor Gyokeres, Piero Hincapie, Madueke, Cristhian Mosquera, Christian Norgaard and Martin Zubimendi.

The 21-year-old Mosquera looks to be a real gem for the future, his £13m fee already proving to be a bargain. Hincapie, 24, a Bundesliga winner with Bayer Leverkusen, is a tough centre back who has been physically imposing in his displays thus far but is not yet the finished product. He has shown strong signs of promise and there is more to come.

Eze has not yet enjoyed a sustained run in the team, nor found a fixed position. His recent outings against Inter Milan and Manchester United have been underwhelming, not helped by a lack of continuity. But his November hat-trick against Tottenham remains a season highlight and a reminder of his talents. He will grow further into this team.

Madueke has surprised most observers. His £52m fee went down badly with many fans, even leading to ‘#NoToMadueke’ trending on social media when he was linked to the club. Yet, the winger has been a revelation and given Arsenal much-needed depth on both wings. His direct running has caused full backs headaches and he has provided team-mates with goalscoring opportunities. He just needs to add some composure to his finishing and final ball.

Zubimendi has been the midfield lynchpin Arteta expected him to be, even though he had an off day in Arsenal’s recent defeat by United. He has proven to be a master at picking pockets, is excellent in possession and has freed Rice to cause more havoc in the final third.

Kepa has played just four Carabao Cup matches, an FA Cup game and a Champions League game. Norgaard has just three appearances in the league but has made three starts in the Champions League. Both are decent additions in terms of squad depth, as seen by Kepa’s display against Crystal Palace, and Norgaard’s adaptability in playing centre back.

Of the eight, it’s Gyokeres who still has the big question mark. He has occasionally shown signs of what he brings to this team, like his late strike against Inter from outside the area. But he has often found it hard to have an impact in front of goal, or be found by team-mates. The jury is still out.

The 21-year-old Cristhian Mosquera looks to be a real gem, his £13m fee already proving to be a bargain

The jury is still out on Viktor Gyokeres. He occasionally shows signs of what he brings to this team, but he has often found it hard to have an impact in front of goal

5. And who might leave?

Arsenal are acutely aware of the number of injuries they have already sustained this season and are reluctant to let any other player leave after sanctioning Ethan Nwaneri’s loan move to Marseille. Nwaneri has gone to France to get game time, but his fellow teenager Myles Lewis-Skelly is set to stay.

Norgaard has been the subject of interest from Ajax but is happy in north London and the club want him to stay put.

There is one potential permanent exit on the cards. Oleksandr Zinchenko, who is at Nottingham Forest on loan, is in the process of having his deal at the City Ground terminated. The Ukraine international is on a season-long loan from Arsenal, but has struggled for game time at Forest due to injury and a high turnover in managers.

The agreement would then allow Zinchenko to join Ajax. His Gunners contract is set to expire next summer, so there are discussions around making the move permanent rather than a loan.