Arsenal Transfer News: Latest on Karim Benzema, Isco and More

The race to finish among the Premier League's top four is more heated than ever this season, and Arsenal's January transfer business will have a grand bearing on whether they make the cut.

The Gunners have conducted some big deals to haul in a number of world-class talents in recent years, but depth and solidity remain an issue for Arsene Wenger's side.

Latest speculation insists attack will remain the focus for the north London outfit in 2015. Read on for a breakdown of the most recent rumours surrounding Arsenal, with Wenger reportedly eyeing a Real Madrid duo.

Karim Benzema

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It's only been 18 months since Arsenal paid Real Madrid a £42.5 million fee for Mesut Ozil, but Fichajes.net (h/t Metro) reports that the Gunners may come close to matching that figure with a move for Karim Benzema.

Despite penning a new deal at the Bernabeu several months ago, Benzema continues to be linked with an exit from Carlo Ancelotti's squad, reportedly valued at £40 million.

As well as being Real's leading man in attack, Benzema has been in fine form for France recently and, as OptaJean details, given his nation their most reliable scoring threat in attack:

It would be a difficult move to envision for either party. After selling Alvaro Morata, on-loan Javier Hernandez would be Real's only out-and-out striker if Benzema were to leave. Besides, the ink is still fresh on that new deal of his.

Arsenal, meanwhile, have understandable need. Wenger acquired Danny Welbeck from Manchester United this past summer after Olivier Giroud suffered injury, but the Frenchman is set to return in the new year.

Spending £40 million on one player still isn't an everyday occurrence for the English giants, especially not in January. One can see where the desire comes from, though, as Madrid reported that the club has yet to lose a fixture in which the forward has scored this term:

Real will undoubtedly be against the idea of losing their attacker at present, a figure who has formed a fluid understanding alongside Cristiano Ronaldo and Gareth Bale.

Arsenal may like to see such a move materialise as they chase a new, more elite cast of attacking stars, but they could once again be left disappointed.

Isco

It could prove equally as difficult to sign Benzema's Real team-mate Isco, after Luka Modric suffered an injury on international duty that will see him sidelined for about three months.

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Again, it'd be a move that would require a massive investment from Arsenal, as the Daily Star's Chisanga Malata reports £40 million would be needed in order to make the midfielder theirs. Isco is in no rush to leave, either, stating:

"

My feelings on my career at Madrid are very positive. I'm in the best team in the world, we are winning titles, we achieved La Decima [last season] and hopefully we can continue that. I think the best place to keep winning titles is Real Madrid.

"

The injury to Modric is a more promising note for Isco, who Ancelotti has said will be given a chance to succeed in central midfield, per Inside La Liga:

As Arsenal seem intent on cultivating a wealth of attacking-midfield marvels, Isco would find similarly tough competition in the likes of Mesut Ozil, Alexis Sanchez, ex-Malaga team-mate Santi Cazorla and others.

The 22-year-old featured in the friendly between Spain and Germany on Tuesday, with ESPN FC's Dermot Corrigan ranking him as one of the best players in a 1-0 defeat:

Isco's form and desire to stay at Madrid would suggest Arsenal will be forced to look elsewhere for now.

Jonathan Calleri

Dubbed "the next Gonzalo Higuain," Jonathan Calleri is reportedly drawing Arsenal's attention, and the Gunners will reportedly look to sign the South American before immediately farming him out.

Jorge Saenz/Associated Press

Fichajes.net (h/t Metro) reports that the Boca Juniors striker is one of the most exciting forwards on the continent and a potential long-term project for the Gunners to invest in.

Calleri has five goals in 19 appearances this season and has been praised for his form in front of goal, but an issue over a work permit could prove problematic to his potential arrival.

As was the case with Joel Campbell—now a part of Wenger's squad—it could see Arsenal loan the player out elsewhere in Europe before he features for the north Londoners.

This could be an intriguing move for Wenger to explore making. Recent times have seen moves for Benzema and even Higuain himself spoiled by sky-high price tags and other obstacles, but getting a player in at youth level has always been his preferred method.