Arsenal are reportedly preparing to meet Nolito's release clause this month in order to beat Barcelona to the signing of the Celta Vigo forward.
Bleacher Report's Dean Jones recently reported that Barca are not prepared to provide the full fee for Nolito in January:
Thus Arsenal could steal a march on the European champions if they are ready to pay out, and Nolito could be a fine addition at the Emirates as the Gunners go in search of a first Premier League title in over a decade.
The Spaniard would add much-needed variety and depth to Arsene Wenger's squad, as he could interchange with the currently-injured Alexis Sanchez, who will need to be rested in the second half of the season when he returns to action.
Nolito would also add a creative spark and perhaps take the pressure off Mesut Ozil, who has been so influential in Arsenal's success this season.
The Celta star has netted eight goals and provided five assists in La Liga this season, and his excellent link-up play would undoubtedly see him fit in well to Arsenal's intricate setup, per WhoScored.com:
Given his age, Nolito would not be a long-term buy for Wenger, and the Frenchman may be put off paying a decent chunk of money for a player reaching the latter stages of his career.
But, given that the Gunners are currently top of the Premier League after 20 games of the season, he could be a vital component in the short term.
Arsenal have not had a better chance of winning the league again in years, and Wenger would do well to bring in Nolito as he would add the necessary attacking depth for the Gunners to see out the season in top spot.
Basel midfielder Mohamed Elneny looks set to complete his move to Arsenal on Wednesday, per the Guardian's Ed Aarons:
The 23-year-old has seemingly been on the verge of a move to north London since the opening of the winter transfer window, and Wenger recently indicated that his arrival was imminent, per Sky Sports.
Given that Francis Coquelin is currently sidelined with a knee injury sustained on Nov. 21, the addition of Elneny to the Arsenal squad will be vital in continuing to cover the defensive-midfield area in the Frenchman's absence.
Elsewhere, Paris Saint-Germain's Edinson Cavani, who has been linked with Arsenal before, could reportedly be available in the summer, per the Daily Star's Chisanga Malata.
According to French newspaper L'Equipe (via Ligue 1 expert Jonathan Johnson) the Uruguayan is currently unhappy at the Parc des Princes and could be open to a move away:
Despite Olivier Giroud's impressive form this season, Arsenal are still short on out-and-out strikers of top-class quality.
The addition of Cavani would solve that problem in one fell swoop, as the 28-year-old has consistently proven his goalscoring ability, and this season has netted 10 times in 16 league appearances, per WhoScored.
While Arsenal would undoubtedly have to splash the cash to snap him up—PSG paid £55 million for him and his contract runs until 2018—he would be worth the money, as he could be vital in preserving the Gunners' competitiveness in the Premier League in the coming seasons.