Five transfers Arsenal could complete in January, including €70m swap

Arsenal are planning a major overhaul of the attacking department with Mikel Arteta keen to get started during the January transfer window. Apart from the potential incomings, the Gunners are also set to be subject to bids for a number of their players with at least four players being targeted by a Premier League rival.

Arteta stripped Pierre-Emerick Aubameyang of the club captaincy following a disciplinary breach, and has banished him from the first team in recent weeks. Alexander Lacazette has been leading the line in the Gabon forward's absence with Eddie Nketiah playing the supporting role from the bench.

The latter two - Lacazette and Nketiah - are both out of contract in the summer with the young Englishman pushing for a move in January. The Gunners are in dire need of a forward and according to Italian publication Gazzetta dello Sport, they have made an audacious bid worth €55m (£46.7m) for Fiorentina forward Dusan Vlahovic.

The north London club are keen to sign the in-demand Serbian forward during the January transfer window to beat rivals Tottenham Hotspur and Atletico Madrid to his signature. The total value of the bid is said to be around €70 million, as it includes €15 million-rated Lucas Torriera, who is currently on loan from Arsenal at Fiorentina.

The Serie A club is keen to make his deal permanent and the Gunners are willing to include him as part of the deal to sign Vlahovic. Arsenal have been linked with the Serbia international since the summer, but the 21-year-old is said to be keen to stay in Italy until the end of the season and then assess the offers on the table with his agents expecting the likes of Manchester City and Barcelona to enter the race for his signature.

Apart from the incomings, Arsenal are also expected to offload players during the January transfer window, with reports claiming that the club are ready to listen to offers for sacked captain Aubameyang, while Nketiah is also expected to be courted by a number of Premier League clubs.

According to the Daily Mail, Newcastle United, who are flush with Saudi-backed cash, are ready to raid the Gunners with four players on their wish list. The Magpies are said to be keen to see if they can tempt Aubameyang to join their revolution along with Nketiah, Rob Holding and Mohamed Elneny.

Aubameyang and Nketiah are two players Arsenal could offload in January if a suitable bid arrives. The former has fallen out of favour, but his wages of £350,000-a-week could be a major obstacle to interested clubs, except Newcastle, who are swimming in funds after their takeover by the Saudi-backed Public Investment Fund.

Nketiah, on the other hand, is out of contract in the summer and despite Arteta pleading with him to stay at the club, he has rejected Arsenal's contract offer and is expected to leave. Brighton and Hove Albion and Crystal Palace are also keen on the young English forward's services.

It is unlikely Arteta will allow Holding and Elneny to leave midway through a campaign, as both players have played valuable roles coming off the bench and in cup games. Newcastle will have to look elsewhere for solutions in midfield and defense.