Meanwhile, the Gunners' chances of signing Edinson Cavani appear demolished after French press confirmed the player will stay with Paris Saint-Germain.
Firstly, the good news. Carlo Ancelotti recently confirmed Khedira isn't willing to extend his Bernabeu stay beyond the current season, as per Marca: "He has a year left on his contract and has turned down a new deal. The situation is different from (Angel) Di Maria's, because he hasn't asked to leave."
John Cross of the Daily Mirror, an influential voice when it comes to Arsenal, suggests the north London side "could be tempted" now that Khedira is likely to leave for pittance.
It was widely reported the Gunners disbanded any plans to sign the German once his £200,000-per-week demands became apparent, but Cross believes he "may interest" Arsenal if this expectation can be lowered.
Khedira's refusal to pen a new deal comes to public knowledge alongside Wenger's claim that he will sign a defensive midfielder if the right candidate can be secured, per Arsenal's official Twitter account:
The conditions are certainly right for Arsenal and Madrid to agree a deal, as Khedira could become a key player at the Emirates. He would finally add a physical presence to a Gunners midfield that is packing plenty of technical ability but lacks grit. While Mathieu Flamini and Mikel Arteta break up play as best they can, a stronger, more aerially dominant star is needed.
Such analysis should also be noted when considering Arsenal's hunt for a striker. Neither Olivier Giroud or Yaya Sanogo possess the goalscoring consistency we have come to expect from Wenger's forwards over the years.
Zlatan Ibrahimovic's recent injury, as reported by The Associated Press (via Fox Sports), also ensures Laurent Blanc needs to keep hold of his alternative lone striker to maintain the club's attacking threat. Some had suggested Giroud could be used in a swap deal for Cavani, but Jonathan Johnson of ESPN FC believes this isn't likely:
Wenger will be pleased with his summer signings so far, but he would be wise to entertain further deals. Arsenal are riding high after the FA Cup and the Community Shield triumphs, but the side's consistency needs to improve if they are to be considered genuine challengers for the Premier League crown.
Khedira is a vital, and most importantly, affordable target. He should be pursued quickly and before another suitor can confirm a deal for the World Cup winner. Wenger has improved vital areas of his squad during the transfer window, but the most critical area remains untouched. A £12 million cheque and considerable wage packet could change that.