The Gunners are currently leading the Premier League as part of a developing title defence in North London with strong strides made in the UEFA Champions League.
Arteta wanted to bring in a box office attacker in the summer, but he was unable to complete deals for LaLiga pair Vinicius Junior or Julian Alvarez, and a move for either player is unlikely to be revisited.
Vini Jr has since signed a new long-term contract at Real Madrid and Alvarez only appears willing to leave Atletico Madrid for Barcelona.
However, that has not blocked Arteta's plans, with Mirror Sport naming Eli Junior Kroupi and Kenan Yildiz as the two players he wants to bring in.
Bournemouth forward Kroupi has been Arteta's radar for some time, but the Cherries do not want to sell in January, and Arteta faces competition from PSG and Bayern Munich.
Juventus winger Kenan Yildiz could be more attainable, but he will want assurances on playing time, following the summer arrival of Christos Tzolis, alongside Bukayo Saka, Noni Madueke, Eberechi Eze and Max Dowman.