The Gunners currently lie sixth in the Premier League table, though they could drop to seventh should West Ham win their game in hand.
Things are fine in the other competitions as well, with the Gunners surviving a 12-goal thriller against Reading and sitting second in their Champions League group.
However, things could change in Europe should the Gunners lose, and on Wednesday they face a tough opponent in Montpellier.
This Arsenal team still looks short of being a title-challenger in any competition, and fans will surely want some changes in January if things don't improve on the pitch.
Here are six predictions for Arsene Wenger in January.
It may not be too bold to say this, given the current situation with Theo Walcott and his contract with Arsenal, but it had to be said.
As ESPN Soccernet reported, Wenger has made it clear that he would like the young English attacker to stay, and Theo Walcott also adores the club.
With January fast approaching and seemingly no end in sight for this saga, Wenger will have to make a decision with which he must accustomed to in recent years: letting one of his better players go.
It wouldn't be the worst thing in the world, especially if a quality replacement could be found, but it would be much easier for Arsenal to keep a player who knows the system and has been in good form, rather than bring in someone to make an instant impact.
Okay, maybe not Edinson-Cavani-big, but you get the deal.
Arsene Wenger has shown before that if the right person is available in January, then he will make a move.
On the back of his Euro 2008 performance, Andrei Arshavin was the hot name in football, and Arsenal beat many top teams to his signature.
He produced some great performances, most notably one against Liverpool, and while he couldn't help the team to the top of the table, he did help them to a Champions League spot.
With the prospect of Theo Walcott leaving the club, fans would like a statement of intent from Arsene Wenger and would certainly be happy if he went out and got a quality attacking player.
Even if Walcott stays, the Gunners wouldn't be overdoing it to add some more talent to their attack.
Why is this a bold prediction?
Because it's hard for Arsenal to get rid of players like Sebastian Squillaci, Andrey Arshavin and Marouane Chamakh given their form, ages and wages.
Those three players need to go so Arsenal can make a big bid for a quality player, whether it is a midfielder, attacker or defender.
Arshavin is the most likely of the three players to get playing time, but a departure would be to the benefit of both player and club.
Arsenal need a solid left-back, a quality defensive midfielder and an attacker if Arsene Wenger really wants to challenge for titles this season.
Andre Santos is a clear weak link in defense, and Kieran Gibbs is never around long enough to help out.
Mikel Arteta has been solid as the more defensive-minded player in the central midfield duo, but allowing him more attacking freedom while having a natural defensive midfielder protecting the defense would greatly benefit Arsenal.
The goals have started to flow a bit more in recent games, but Arsenal still need a versatile, productive player to add even more potency to the squad.
Wenger has neglected to make the necessary moves in recent January transfer windows, and even in the summer, too, but will really need to consider doing so this time around.
If Arsene Wenger doesn't want to spend money on his attack, then bringing back Ryo Miyaichi could be an answer.
Now, I say this without fully knowing whether or not Arsenal can bring the Japanese youngster back, but if it is a possibility, Wenger should consider it.
Miyaichi has only played five games for Wigan so far this season, and given the club's recent problems with injuries, one could see him receiving as many minutes from his parent club.
If Serge Gnabry can appear for the Gunners in four games this season, then its not preposterous to think that Miyaichi would have seen that, and more.
Miyaichi may not currently possess the attacking quality that Arsenal fans would like to see, but he would add even more speed and an extra dimension to Arsenal's attack for the remainder of the season.
Arsene Wenger could make his boldest move of all and do nothing during the January window.
Should the Gunners continue their current form and maintain a place between fourth and sixth, Arsene Wenger may be just fine with that.
If Arsenal puts together a decent run before and during the Christmas period to strengthen their position, Wenger will be even less likely to make a move.
It is also possible that Wenger will remain defiant, as he has in the past, during a poor run of results.
If Wenger does nothing, he will be signaling that he is indeed fine with fourth place in the league. Not to mention the possibility of being knocked out in the earlier parts of the Champions League, should they make it there.
Fans will be upset with the lack of action from the club, and getting into the Champions League again will not be enough to curb the growing frustration.
Wenger will put one of the ideas in the previous slides into action, in order to help his team improve in the second half of the season.