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Ever since they came to terms with the debt on the Emirates Stadium, Arsenal have been far more active in the transfer market. Recent seasons have seen the Gunners sign Mesut Ozil and Alexis Sanchez from Real Madrid and Barcelona respectively, and there are rumours that Arsene Wenger may be after another high profile name before the January transfer window closes tomorrow.

Arsenal are currently second in the Premier League table, level on points with Manchester City, and three points adrift of leaders Leicester City.

There is a sense that if they are to push on and win the Premier League title for the first time since 2003/2004, they will need to make a world class signing before tomorrow night.

According to The Independent today, that is exactly what is going to happen.

MADRID, SPAIN - NOVEMBER 04: Isco of Real Madrid CF on the ball during the UEFA Champions League Group B match between Real Madrid CF and Liverpool FC at Estadio Santiago Bernabeu on November 4, 2014 in Madrid, Spain.  (Photo by Shaun Botterill/Getty Images)

It was reported earlier this month that Arsenal are pursuing Real Madrid and Spain star Isco. The midfielder is believed to be unhappy in the Spanish capital, and a move to London would be possible if the Gunners were to stump up £25 million.

However, Manchester City are also keen to acquire the services of the Spaniard, and may hold an advantage as Isco played under Manuel Pellegrini at Malaga.

Wenger has not given up hope of signing a striker to aid Oliver Giroud up front, and fancies the signature of Nolito.

Nolito’s contract negotiations have stalled at Celta Vigo, and this has led to speculation that he will move to Arsenal.

Barcelona are also keen on signing the striker, but the fact that he would be behind Lionel Messi, Neymar and Luis Suarez in the pecking order is an obvious draw-back.

Meanwhile, he could see more consistent game-time at Arsenal, as he offers a smaller and more mobile alternative to Giroud.

BARCELONA, SPAIN - NOVEMBER 01:  Dani Alves of FC Barcelona competes for the ball with Nolito of Celta de Vigo the La Liga match between FC Barcelona and Celta de Vigo at Camp Nou on November 1, 2014 in Barcelona, Spain.  (Photo by David Ramos/Getty Images)

Today’s reports also suggest that Arsenal are preparing a £23 million bid for Andriy Yarmolenko from Dynamo Kiev. The Ukranian international has scored 76 goals in 197 appearances for the club, and is another the London side may make a move for.

It is unclear at present if the Gunners will sign anybody before the transfer window closes, but these reports today will give fans hope that there may be a big move before tomorrow evening.

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