Arsenal Transfer News: Latest on Isco, Paulo Dybala, Sami Khedira and More

Arsene Wenger may be ready to get "creative" in the January transfer market, per Ben Rumsby of the Telegraph. But the latest rumours involving Arsenal are defined more by ambition than imagination.

The central defender-starved Gunners are instead currently linked with a striker and an attacking midfielder. There is also room for yet more links to Real Madrid's box-to-box Germany international Sami Khedira.

Here are the latest rumours in full, beginning with developments involving Khedira:

Madrid Ready to Let Khedira Leave for Arsenal or Chelsea

Los Blancos have apparently made their minds up to move on from contract rebel Khedira. In fact, they already have a replacement lined up for the player whose deal ends this summer.

That's great news for Chelsea and the Gunners, according to London Evening Standard reporter Simon Johnson:

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Real Madrid have signalled their intent to let Chelsea and Arsenal target Sami Khedira leave the Bernabeu next year by making a £9.5m offer for Cruzeiro defensive midfielder Lucas Silva.

Madrid have identified the 21-year-old as the perfect replacement for Khedira after he refused to to sign an extension to his contract, which expires at the end of the season.

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Khedira certainly makes more sense for Arsenal than for Chelsea. The Blues are currently well-stocked with powerful midfielders. Robust trio Nemanja Matic, Ramires and John Obi Mikel ensure that.

By contrast, the lightweight Gunners are anything but solid in the middle. Instead, Wenger has stockpiled a legion of small and slight but technically gifted midfield schemers.

That's created an imbalance in the Frenchman's squad. That imbalance has been magnified by the recent injury to Mikel Arteta, the lone midfield man Arsenal possess who boasts genuine defensive awareness.

Unfortunately, the 32-year-old Spanish veteran has succumbed to yet another calf injury. Wenger expects him to miss key games, per Arsenal.com writer Rob Kelly: "Arteta has now had a calf problem for the third time. It's always a small grade one but it's minimum two to three weeks."

The former Everton man's absence will only compound the need for defensive-minded reinforcements. Ironically, one player on Wenger's list could be the same man Los Merengues have ticketed to replace Khedira.

Spanish publication Marca (h/t Sport Witness) has suggested the Gunners have been quietly taking steps to sign Cruzeiro ace Lucas Silva:

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Despite being dubbed the 'New Kaka', Lucas Silva is a more defensive player and so could be someone to help Arsenal over the long term. He would maybe walk into their team at the moment but if Arsene Wenger refuses to cut the umbilical cord to Mikel Arteta then the young Brazilian is certainly someone who the manager could ease in.

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However, if Madrid are determined to land Silva, it's unlikely Wenger will be able to beat the 10-time European champions to the punch. That makes Khedira the more likely target, even if classifying him as a defensive midfielder is a contentious point.

The 27-year-old is more effective transitioning defence to attack. Khedira is a powerful runner, expert at driving forward. He certainly has the physical qualities Arsenal need, but the Gunners are hardly lacking his forward-thinking temperament.

Speaking of hardly lacking, Arsenal certainly aren't short of quality attacking midfielders. The Gunners already have Santi Cazorla, Tomas Rosicky, Aaron Ramsey, Mesut Ozil and Jack Wilshere who fit that mould.

That's what makes the links to Isco seem so far-fetched. That and the massive price tag Madrid have set for the sublime 22-year-old playmaker, per Daily Express reporter Anthony Chapman:

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The same outlets also believe that French champions PSG are in the market for Isco, and are ready to bid a whopping £64m for his services.

Ancelotti is apparently willing to sanction the move in exchange for the enormous fee, meaning that both Arsene Wenger and Brendan Rodgers will also be able to offer Isco a contract should they decide to match PSG's bid.

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It's tough to swallow the idea of Wenger paying that much for a player at a position already fully loaded. However, he did pay £42.5 million for Ozil last summer, at a time when many considered a striker the more pressing need.

The languid and mercurial German ace is currently sidelined until the New Year. Wilshere has joined him in the treatment room, where he'll spend significant time following ankle surgery, per Sky Sports:

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Jack Wilshere has had successful surgery on his left ankle and will be out for approximately three months.

An assessment with a specialist confirmed the need for an operation and the 22-year-old had successful surgery to his ankle in London on Thursday afternoon.

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The absence of Ozil and Wilshere will certainly put a strain on Arsenal's resources in advanced midfield areas. However, that still doesn't mean the Gunners are likely to land Isco.

The youthful Spanish gem has played a larger role in the Madrid squad this season. He's made 17 appearances in all competitions, including 10 starts, per Who Scored. During that time, the former Malaga star has netted one goal and provided five assists.

The very fact that Madrid have set the price so high reveals their reluctance to sell.

If the Gunners don't need yet another playmaker, it's also hard to believe they need a new striker. But that hasn't stopped rumours of a big-money move for Palermo forward Paulo Dybala.

Apparently, Wenger is prepared to bide his time for the 21-year-old. That's according to Spanish source Fichajes (h/t Squawka writer Daniel Anwar):

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They are believed to be more open to the idea of selling at the end of the season, though Arsenal would try to agree a deal at less than their £31 million valuation if they have to wait until the summer. If the two clubs can reach an agreement, the deal could be announced in the coming weeks.

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Young Argentine Dybala has already prompted favourable comparisons to some of his more illustrious countrymen. ESPN FC writer Nick Dorrington has pointed out similarities with a current Premier league sensation form the South American nation:

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His playing style has been likened to that of Sergio Aguero and it is easy to see the resemblance. While he needs to bulk up a little to be quite as menacing as the Manchester City striker, his acceleration, balance and finishing ability are certainly cut from similar cloth.

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Of course, despite Dybala's rapidly rising reputation, many would contend Arsenal are well-stocked up front. Danny Welbeck, Olivier Giroud and Yaya Sanogo can all play the centre-forward role. Meanwhile, Theo Walcott, Lukas Podolski and Joel Campbell all vie for supporting berths.

Not only that, but in Alexis Sanchez the Gunners have their own star who compares well with marquee talents like Aguero. Ramsey recently made that comparison, per Mirror reporter John Cross:

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With the South American players, it is sort of bred into them to work hard, he is no different to any of the other players like Suarez or Aguero, so we are grateful to have him in our team.

He gives 100 per cent - everybody is at it in training all the time. We like to train hard. He works hard for the team and when he gets an opportunity to score, he scores. we are grateful to have him in our team.

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Wenger has plenty of options to choose from in attack. It's also true that centre-back and defensive midfielder are more pressing concerns, problems that will have to be fixed either in January or next summer. Finding remedies in those areas is probably a better use of £30 million or more.

However, given Wenger's fondness for attacking talent, it's impossible to rule out the Dybala rumours. Wenger may be wary of missing out on another promising Argentine prospect.

The Gunners chief has recently described how he once came close to a deal for Barcelona talisman Lionel Messi, per Jeremy Wilson of the Telegraph. Perhaps that experience will convince Wenger he can't miss out on Dybala, no matter what other needs his squad has.

The latest transfer rumours involving Arsenal hint at the imbalance that plagues the current squad. Conspicuous by their absence are strong ties to prospective centre-backs.

Those links would make more sense considering the Gunners only have three players—Per Mertesacker, Laurent Koscielny and Calum Chambers—at that key position.

Of the rumours listed here, Khedira would be the most prudent investment in January. However, don't easily dismiss the Dybala talk. He could be the future star Wenger makes his priority in the summer.