Reports last night claimed the Gunners are closing in on a loan deal for Barcelona midfielder Denis Suarez.
The Spaniard is set to replace Aaron Ramsey at the Emirates, with the Arsenal star heading to Juventus on a free transfer this summer.
However, Goal say Arsenal plan to do more business after landing Suarez.
They claim the Gunners are desperate to land a new centre-back following Rob Holding’s season-ending injury last month.
Unai Emery has been vocal on the club’s January transfer plans, with the Arsenal boss claiming the Gunners can only sign players on loan.
“We cannot sign permanently,” Emery said.
“We can only loan players. I know the club is working on possibilities of which players can help us with big performances like we need now.
“I cannot say more.”
Sokratis Papastathopoulos, Shkodran Mustafi and Laurent Koscielny are Emery’s main options at centre-back.However, Koscielny has just returned from a serious Achilles injury, while Mustafi and Sokratis have looked shaky at times.
However, highly-rated defender Konstantinos Mavropanos is set to return from injury soon.The 21-year-old has impressed in spells and Goal say Arsenal staff believe the centre-back is ready for first-team football on a regular basis.
While Emery has revealed Arsenal will only sign players on loan this month, the Spaniard insists he’s content with the financial restrictions placed on him.
“We are working with the players who are with us now,” he said. “Also we are giving chances to the young players and finding with them the regularity to be consistent when we need them to be.
“I am very happy. I know it is not easy for us now in this transfer market and if we can find one player who can help us like we need, with the quality and a different player for getting in our squad, we are going to do it. But I am happy with every player today.
“It is really some injuries that didn’t help us in the last matches because we struggled with different injuries with the players.
“I am happy because another player can have chances when one player is injured and they are doing well, that is the reason for us being calm and my confidence with the club is big, they are working and if one or two players can come and help us that is perfect.”
Arsenal are back in action on Saturday afternoon, with Emery’s men facing West Ham in the Premier League (12:30pm kick off).
A win for the Gunners could put them level on points with Chelsea in fourth.