Arsenal Transfer News: Latest on Isco, Ilkay Gundogan, Mario Mandzukic Rumours

Arsenal boss Arsene Wenger has shed light on the rumours regarding a potential transfer for Real Madrid star Isco, while several reports indicate the Gunners are putting themselves in position to move for two major stars.

Fans of the Gunners haven't seen too much activity during the first week of the January transfer window, as they eagerly await news of reinforcements needed to propel the club into the Premier League's top four.

The latest reports indicate there is some activity going on behind the scenes, however, so let's have a look at all the rumours coming out of the Emirates.

No Move for Isco

Daniel Tejedor/Associated Press

The Daily Express' Ben Jefferson recently claimed Arsenal were planning a £64 million bid for Real Madrid star Isco but, according to Wenger, a move for another creative midfielder is anything but a priority.

As shared by ESPN FC's Miguel Delaney, he said:

Isco has emerged as one of Los Blancos' top young players in 2014-15, filling in for the injured Gareth Bale before sliding back into a deeper role in place of Luka Modric.

The 22-year-old Spain international has impressed with his versatility and consistency, leading to this expression of admiration from Spanish football insider Sergi Dominguez:

There's little doubt the Real star would be an excellent addition for the Gunners but at this point in time a transfer seems highly unlikely. He's a regular starter for arguably the best team in the world—there's no reason for him to even entertain a move.

The reported fee of £64 million would smash the British transfer record, and as explained by Bleacher Report's Ryan Bailey and Janusz Michallik, the Gunners have too many needs in defence and midfield to splash that kind of money on another attack-oriented player:

Creativity is not Arsenal's main concern, and Wenger knows it. A move for Isco always appeared unlikely, so it shouldn't come as a huge shock the Gunners boss has now officially ruled it out.

Contract-Rebel Ilkay Gundogan Eyed

Martin Meissner/Associated Press

Borussia Dortmund have reportedly given Ilkay Gundogan an ultimatum to sign a new deal, and according to the Daily Mirror's John Cross, Arsenal are ready to pounce if the Germany international refuses to put pen to paper.

The 24-year-old midfielder has 18 months left on his current contract and Die Schwarzgelben want him to commit his future to the club, threatening with a summer-sale of the £16 million-rated player.

The Gunners believe they might be able to convince the club to sell in January instead, however:

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The German media have reported that Gundogan does not want to sign a new contract with Dortmund and that he fancies a move to the Premier League.

Arsenal already have established links and Gundogan was No1 on their list to be a defensive midfielder.

Dortmund are determined not to let another player go after losing Robert Lewandowski and Mario Goetze and are determined to be proactive.

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Gundogan could present the kind of cut-price deal teams are always looking for in January, but he comes with some serious question marks. The German has only just returned from a serious injury that saw him sidelined for 18 months, and his form is yet to match that displayed prior to the injury.

Dortmund will prefer to hold onto their star midfielder for an additional six months as they attempt to climb out of the Bundesliga relegation zone, so any January offer will have to be substantial.

Gunners Pushing for Mario Mandzukic?

Andres Kudacki/Associated Press

Croatia international Mario Mandzukic only moved to Atletico Madrid from Bayern Munich during the summer but, according to Fichajes (h/t Metro's Jamie Sanderson), his strong form in the Spanish capital has Arsenal entertaining the thought of making an offer.

The 28-year-old has scored 14 goals in just 20 total appearances, according to WhoScored.com, guiding Atleti to third in the La Liga standings, just one point behind leaders Real Madrid.

Writing for Bleacher Report UK, Paul Wilkes believes the Croat will remain the club's key forward, despite the arrival of Fernando Torres:

He was benched in favour of Torres during the club's win over Real Madrid in the Copa del Rey, likely with an eye on Sunday's clash against Barcelona.

Atletico Madrid still have a debt of roughly £84 million, via the Daily Mail's Pete Jenson, so a transfer should never completely be ruled out. But Mandzukic has been a smash hit since arriving at the Vicente Calderon and only just joined the club to begin with.

Unless the Gunners are willing to drastically overspend, there's simply no way Diego Simeone will even consider selling his star striker months after bringing him into the fold.

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