There's now just four days left of the January transfer window, and it's usually around this time that clubs begin the mad scramble to complete deals that have been ongoing for some time.
One such deal is Arsenal's pursuit of Julian Draxler, Schalke's highly rated 20-year-old midfielder. Draxler is a very talented player who looks set to have an exciting career, with his quick feet and excellent vision marking him out as one of the most talented young players in Europe.
He has 10 caps for Germany already, operating in an attacking role on the left-hand side.
He is thought to have a £31 million release clause as part of his current deal, according to ESPN.co.uk. That has seen many of Europe's top clubs make their interest known, with Arsenal now seemingly at the front of the queue.
Here, we gather together all the latest news regarding Draxler's future.
Last update: Friday, Jan. 31.
Arsenal manager Arsene Wenger says the transfer race for Julian Draxler is over, as reported by influential fans' site Arseblog.
The Gunners boss has been linked with a move for the Germany international throughout the window.
But at his pre-match press conference on transfer deadline day, Wenger is quoted as saying: "The Draxler situation has been created by the newspapers, not by me. He will stay at Schalke."
Arsenal's attempt at signing Draxler from Schalke in this window seems set to fail, according to David Hytner in the Guardian.
Schalke's Sporting director Horst Heldt has ruled out the possibility of Draxler moving to the Emirates before Friday's deadline, and has even suggested he expects the midfielder to remain beyond the summer.
An Arsenal delegation had traveled to Germany to try and thrash out a deal, but Hytner believes that chances are now slim.
The Telegraph's Matt Law is reporting that Arsenal's discussions with Schalke over a move for Draxler are at an advanced stage, with a fee of £36 million being discussed.
Draxler has a ruptured tendon and was expected to be sidelined until March, but he is now expected to be fit in the seven days, smoothing his transfer to Arsenal who need reinforcements.
Injuries to Aaron Ramsey and Jack Wilshere appear to have increased Arsenal's desire to sign new players, with Barcelona's Cristian Tello also thought to be a loan target.
According to Sky Sports, a team of Arsenal representatives have travelled to Germany today in a bid finalise a deal for Draxler.
The report suggests the two clubs are still someway short of agreeing a fee, but Arsenal are hopeful a deal can be done. Schalke are keen to hold out for Draxler's buy-out fee of £37 million, whereas Arsenal value the player at £30 million.
With four years remaining on his deal, Schalke are in a strong position to negotiate, but it is thought the player is keen to move.
The Mail's Simon Jones is reporting that Arsenal boss Arsene Wenger may be ready to launch a bid for Lyon's Yoann Gourcuff as an alternative to Draxler.
Arsenal and Schalke are still yet to reach an agreement for the 20-year-old, and the London club are now thought to be considering other options. Gourcuff is said to have interested Wenger for a long time, and would a cheaper alternative to Draxler.
Jones believes Arsenal made their intentions known to Lyon at the start of the month and could now firm up their interest.
According to Sky Sports, Schalke have denied there is a concrete offer from Arsenal for Draxler, with general manager Horst Heldt insisting the media should ask Arsene Wenger if they want further news.
Talk of a player-plus-cash deal doesn't appear to be enticing Schalke, with the club holding firm in an attempt to secure the biggest fee they possibly can.
After his side's latest win away at Hamburg, Heldt said:
You should ask Mr Wenger, call him. There's no contact with Arsenal or any other club.
I cannot exclude the option we will sign Cristiano Ronaldo. I don't need to talk about this.
I understand why you are asking the question but all the topics you mention need to be addressed in London.