Strengthening central midfield and the forward line is imperative for Arsenal in this window, but signing a left-back to compete or even displace Kieran Tierney is also important.
Nuno Tavares was acquired for a fee believed to be in the region of £7 million, and to say the 22-year-old had a rather turbulent first season in north London is an understatement.
The Portuguese defender delivered some strong performances earlier on in the season against the likes of Aston Villa, Leicester and Watford, but since the turn of the new year, he struggled when called into action, demonstrating plenty of rawness within his game, particularly in deeper areas.
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A loan elsewhere where he will be given consistent game time seems logical, with Atalanta reportedly interested in his profile.
With regards to incomings, Arsenal have been heavily linked with Bologna full-back Aaron Hickey, although a formal offer is yet to be submitted.
Interestingly, the sporting director of the Italian club, Marco Di Vaio has stated that Hickey could leave this summer but has warned clubs that inadequate offers will be deemed unacceptable.
Speaking to DAZN, he said: "Hickey may be one of the expendable names on the market, but in case of inadequate offers he may stay with us for another year.
“We have a good potential to do well and earn more than 50 points. We must be good at financing new signings and finding new players. If we make the right moves, we’ll be able to replace them and keep all the others.”
The versatility Hickey possesses makes him a very attractive option for Mikel Arteta, as he is capable of operating as a wing-back and full-back on both flanks. It will be interesting to see if the Gunners do step up their interest in the player as the window develops.