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Arsene Wenger will turn his attentions to Porto star Jackson Martinez should he fail in a second attempt to persuade Real Madrid into letting Alvaro Morata leave on loan, according to reports.
According to The Daily Mail the Arsenal manager is reluctant to sign a permanent replacement for Theo Walcott, out for the remainder of the season, as he would prefer to save money until the summer transfer window.
However the Premier League leaders have been forced into entering the January transfer window after injuries to Olivier Giroud, Nicklas Bendtner and Theo Walcott rendered them alarmingly in need of striking options.
Wenger's preference has always been to wait six months to spend big on one of his top strike targets; including Bayern Munich's Mario Mandzukic, Manchester City forward Edin Dzeko and Atletico Madrid striker Diego Costa.
With many of them looking increasingly unrealistic midway through the season, the 64-year-old will do his level best to keep costs down until then.
Colombia striker Martinez is a leading candidate and fits the bill. Possibly available on loan until the end of the season, the 27-year-old has a £33.2million release clause.
Show all 18 1 /18Arsenal - January transfer targets Arsenal - January transfer targets Julian Draxler - Another player who Arsenal don't have a desperate need for but have constantly been linked with. There is certainly no denying the quality of the German youngster but a January move seems unlikely as Arsenal need to strengthen elsewhere. Getty Images
Arsenal - January transfer targets Karim Benzema - Wenger is a long time admirer of Real Madrid's French striker, although he would not be a cheap option. He is also a player it seems unlikely that the Spanish giants would happily part with. Then again you might have thought the same thing about Mesut Ozil. Getty Images
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Arsenal - January transfer targets Andrea Ranocchia - Out of favour at the San Siro, Arsenal would probably face stiff competition from Man United and Chelsea if they moved for the highly-rated Italian defender. Getty Images
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Arsenal - January transfer targets Konstantinos Mitroglou - The Olympiakos forward is in red hot form and could well provide reasonably priced support for Olivier Giroud. Currently playing alongside Arsenal loanee Joel Campbell which could count in Wenger's favour. Getty Images
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Arsenal - January transfer targets Hakan Calhanoglu - Arsenal couldn't buy another attacking midfielder could they? Well rumour has it they are very keen on Hamburg's Turkish star Calhanoglu. Getty Images
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Arsenal - January transfer targets Winston Reid - While a West Ham defender from New Zealand might sound an unlikely target for Arsenal, their defence is a serious injury away from looking a little threadbare and Reid could provide value-for-money cover at the back. Getty Images
Arsenal - January transfer targets Xabi Alonso - While the free transfer of Mathieu Flamini has helped, Arsenal still look a little lightweight in the centre of the park. The cultured Alonso would certainly improve things. Getty Images
Arsenal - January transfer targets Ilkay Gundogan - Another luxury purchase for the Gunners and with interest from other Premier League clubs and Arsenal's more pressing needs in other areas of the pitch, it seems an unlikely move. Getty Images
Arsenal - January transfer targets Antonio Sanabria - Arsenal are rumoured to already have a deal in place bringing the Paraguayan starlet to the club from Barcelona. If so then they have secured themselves a fantastic player. Getty Images
Arsenal - January transfer targets Javier Hernandez - With Hernandez seemingly growing increasingly frustrated with a lack of first team opportunities at Man United, Arsenal could pounce for the proven Premier League goalscorer. It does however seem unlikely that Moyes would sell to a rival. Getty Images
Arsenal - January transfer targets Kurt Zouma - Wanted by London rivals Chelsea as well, Zouma is a highly-rated young defender who could provide some much needed cover. Can Wenger get the better of Mourinho in the transfer market this time? Getty Images
Arsenal - January transfer targets Youssouf Mulumbu - An experienced Premier League player who would add a bit of oomph to Arsenal's midfield. The surprising recent sacking of West Brom manager Steve Clarke might also encourage Mulumbu. Getty Images
Arsenal - January transfer targets Cheikhou Kouyate - Wenger has tried to sign the imposing defender in two separate transfer windows but with Anderlecht now ready to sell, this January could be a case of third time lucky. Getty Images
Arsenal - January transfer targets Ciprian Marica - Another forward linked with a switch to the Emirates, the Romanian could provide a cheaper alternative to some of the bigger names Arsenal are rumoured to be pursuing. Getty Images
Arsenal - January transfer targets Alvaro Morata - The young Real Madrid forward has been linked with a January loan move although he has stated a desire to stay in the Spanish capital. Getty Images
Arsenal - January transfer targets Alexandre Pato - Linked with Arsenal once again, the Brazilian would be a surprise choice given his relatively modest recent performances since returning to play in his homeland. Getty Images
Arsenal - January transfer targets Edin Dzeko - Despite scoring fairly consistently in his time at the club, there is a feeling that Dzeko somehow doesn't quite fit and he struggles to hold down a first team place as a consequence. A move to Arsenal would surely give him more playing time but it seems unlikely City would sell to a rival. Getty Images
Arsenal - January transfer targets Dimitar Berbatov - The former Manchester United striker is reportedly keen to move on from Fulham. Appears a decent short term solution for the Gunners GETTY IMAGES
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