The Gunners are being linked to top strikers such as Viktor Gyokeres and Alexander Isak.
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However, Football Insider 247 states that they may go for a cut-price option instead.
The source adds that Everton forward Dominic Calvert-Lewin is a key Arsenal target.
The Toffees striker is out of contract in the summer and can move clubs as soon as the season ends.
He can even negotiate a pre-contract in January, but only with teams outside England.