The Gunners have also been helped by the form of Olivier Giroud, who has linked superbly with the attacking midfielders around him this term.
However, Arsene Wenger remains in need of an out-and-out striker to boost his squad, especially if Arsenal are to finish the season at the top of the Premier League.
So who would fit into his slick passing system?
Diego Costa, Atletico Madrid
Should Arsenal splash out for Diego Costa?
With a release clause of £32 million in his Atletico Madrid contract, as reported by John Drayton in the Daily Mail, Diego Costa could be purchased for substantially less than Wenger was willing to spend on Luis Suarez or Gonzalo Higuain during the summer.
The Brazilian-born striker has been in sensational form for La Liga's surprise package, scoring 23 times in 21 appearances this season and helping them move above neighbours Real domestically and reach the Champions League knockout stages.
Although it may prove hard to prise him away from the Spanish capital mid-campaign, the Gunners certainly must ensure Costa knows of their interest.
Costa would not only improve Arsenal on the pitch, acting as a more-than-capable target man who can bring others into play, he would also enhance the club's reputation for attracting top names.
Julian Draxler, Schalke
Another player to be linked with a move to North London is Schalke's attacking midfielder Julian Draxler, as per Jeremy Wilson in the Telegraph. Draxler would link up with fellow Germans Per Mertesacker, Lukas Podolski, Serge Gnabry and Ozil if he moved to the Emirates.
Draxler has a release clause of £37.5 million in his contract at Schalke—as reported by ESPN—and as a young player with his best years ahead of him, he fits the bill as a player who would slot effortlessly into the Gunners' line-up.
Former Premier League striker and German football pundit Jan Aage Fjortoft believes that Arsenal are favourites for the player's signature:
Re: Arsenal favourite to get Draxler - contract till 2018 - buy-out- clause: 45 mill Euro - valid every summer #AFC— Jan Aage Fjortoft (@JanAageFjortoft) November 30, 2013
At just 20-years-old, Draxler has already made over 100 appearances for Schalke in the Bundesliga and Champions League, not to mention 10 appearances for the Germany national side.
With Theo Walcott set to miss the rest of the season through injury, Arsenal are frantically searching for a suitable replacement and may have found one in the shape of Sebastian Giovinco.
Equipped with the experience of playing a key role in Juventus' Serie A title win last season, when he made 31 appearances and scored 7 goals, Giovinco is notable for his versatility and range of passing, and can take up roles as a second striker, winger or attacking midfielder.