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Madrid's Esteban Granero may be available.
With news, via The Daily Mail, surfacing that Wilshere may not return at all this season, it is time for Arsene Wenger to act. Arsenal have lacked quality midfield play all season. Their lack of vision in the middle of the park has led to a decrease in goals per game, and more importantly, points per game.
Last season, Arsenal was the best road team in the league, scoring a brilliant 31 points. Their possession game, similar to that of Spain's FC Barcelona, relies heavily on central midfielders being able to keep the ball flowing from player to player, lulling the defense to sleep before attacking the best opening.
No Wilshere equates to reduced possession, and subsequently, less offense.
Arsenal's season hinges on their ability to get more points than they have been. In the month of January, they are 0-0-3, and are now sitting fifth in the table, five points behind Chelsea. By Wenger's own admission, it would be a "disaster" for Arsenal to fall short of their Champions League aspirations for next season.
If they want to get there, it's time to buy. There a couple players I think they could certainly target and, for the right price, bring to the Emirates.
Real Madrid's 24-year-old Esteban Granero has been mostly sitting on the bench for the Galacticos for the past few seasons. Their ridiculous depth in midfield, in contrast to Arsenal's, does not allow him much playing time. With Kaka, Mesut Ozil, Nuri Sahin, Lassana Diarra and Xabi Alonso clogging the middle, Granero's chances of getting into meaningful games are not good.
However, his playmaking abilities should not be overlooked, and his goal-scoring record far surpasses that of Wilshere. He brings an attacking element that Arsenal is lacking at present.
A second option out of Spain would be Valencia's Dani Parejo. Not only does he come with a more than reasonable price tag (rumored to be around £7-8 million), but he also has experience playing in England, having played a spell for Queens Park Rangers.
Parejo has fallen out of favor in Valencia, and they are shopping him openly. Liverpool are also rumored to be considering him, so Arsenal should move quickly if they wish to sign him.