The January transfer window came and went with little activity at the Emirates, although Arsenal are already being linked with plenty of potential ins and outs at the end of the season.
Over the next few slides, we fill you in on all the transfer gossip surrounding the Gunners.
We'll be updating the slideshow throughout the week, so keep checking back for your Arsenal news!
—LAST UPDATE: Wednesday, February 19—
It seems that Arsene Wenger held talks with the 23-year-old's agent this week and, as Jefferson writes, "Reports in Italy suggest that Balotelli has become frustrated with life in Milan and is now more determined than ever to move on."
He has scored 10 Serie A goals with the Rossoneri this season and, according to Transfermarkt, has a current market value of €30 million.
The 31-year-old's current Arsenal deal runs out at the end of the 2013/14 campaign and has been attracting interest from a number of clubs, including Inter Milan.
However, the most recent speculation indicates that the Serie A side have suffered a setback in their bid to sign the right-back after Liverpool entered the chase with a "lucrative offer."
The right-back is out of contract at the end of the current Premier League campaign and is yet to negotiate a new deal at the Emirates.
As the 31-year-old is within the final six months of his contract, he is free to talk to other clubs. As Stenson writes:
Gunners boss Arsene Wenger is desperate to keep him but will not offer more than a one-year deal for any player over 30.
Galatasaray have offered Sagna a four-year deal worth £16.4million, with the defender due to move in the summer.
Sagna's agent, Laurent Gutsmuth, was also quoted in the Daily Star: "Bacary still has a year left on his contract but Galatasaray and Paris Saint-Germain are also interested."
Elsewhere, in a report published on February 14 on ESPN.co.uk, it seems that Arsenal are willing to offer Sagna a three-year, £100,000-a-week contract.
The France international joined the Gunners in 2007 from Auxerre. He has since made 267 appearances for Wenger's side.
Arsenal chairman Sir Chips Keswick insists that announcements will be made soon regarding contract extensions for several senior players in the side.
As reported by Ben Curtis in the Mirror, the Gunners have announced a pre-tax loss in the six months leading up to November 30, but Keswick is still confident that Arsenal can retain key players.
When I was appointed chairman last summer, there was good reason to believe that the hard work which has been put in, by many people across the club, over recent years had created the momentum for a successful season in every aspect of our activities.
Thus far that optimism has been well-founded. We believe we are in a strong position to take the club forward both in the short-term and beyond and to deliver future on-field success.
We have also continued to invest in the squad by retaining some of our key players.
We expect to be able to confirm, in the near future, that a number of our senior players have signed extended contracts. This is important for the stability of the squad.
Per Transfermarkt, Arsenal do have several players who have entered the final six months of their contracts. They include Bacary Sagna, Nicklas Bendtner, Tomas Rosicky and Lukasz Fabianski.
It appears that Arsenal missed out on signing Julian Draxler in January after failing to meet Schalke's asking price for the 20-year-old.
These claims come from Schalke's sporting director, Horst Heldt, who also denied claims that Bayern Munich had made an offer for the young midfielder.
Speaking to German television channel Sport1 (via Eliot Rothwell in the Mirror), Heldt said, "It was a lot of money, but it wasn't enough for us," when questioned about Arsenal's bid made for Draxler.
When asked if Bayern had also made an approach for the player, Heldt said, "No, definitely not."
According to Rothwell's article, Schalke are valuing Draxler somewhere in the region of €44.5 million.