Arsene Wenger has been promised around £35-40 million ($56-64 million) in the January transfer window, but Fernando Llorente might not be one of them to arrive at the Emirates Stadium at the turn of the year.
However, links involving former Arsenal target Ricky Alvarez of Inter Milan continue to swirl, with Theo Walcott possibly going the other way in a swap deal.
The game at Aston Villa showed how much Arsenal lack in depth, when Wenger only had the option of bringing on defensive midfielder Francis Coquelin for striker Olivier Giroud. Gervinho, while being a willing runner and one of the hardest working players at Arsenal, is just not good enough at the center forward position.
Wenger has made it clear to his scouts that a striker is his No.1 priority in January, with Klaas-Jan Huntelaar the leading candidate, although the likes of Adrian Lopez and more recently Edinson Cavani have also been linked.
Another striker who is reportedly on Arsenal's radar, mainly owing to the fact that his current contract with Athletic Bilbao expires at the end of the season, is Llorente. The Spanish international striker, who has also been linked with moves to Juventus, however, has played down an impending move, saying he is only concentrating on his career with Bilbao.
"My only future is to continue with Athletic and give everything here," he told reporters.
"I'm not thinking about the future and I don't care. I focus only on playing and helping the team."
Owing to the contract dispute, Llorente has fallen down the pecking order, with the striker himself admitting in the summer he would like to make a move away from Bilbao.
Llorente, when he is in form, is seen as one of the most exciting strikers in Europe, physically strong, and a keen finisher.
The transfer fee also will not be much of a problem as Bilbao will be forced to accept a reduced amount if they are forced to sell in January, as they would not wish to let their player leave for nothing at the end of the summer.
It is believed, Llorente is not Wenger's No.1 target, with the likes of Huntelaar and Adrian Lopez ahead of the pack.
Another player who could make a move to the Emirates in January is Argentine Alvarez. The Inter Milan winger was heavily linked with a move to Arsenal in the summer of 2011, but the 24-year-old chose to join Inter, after the Italians outbid the North London side.
However, Alvarez has found it difficult to make an impact at Inter and is reportedly desperate to join Arsenal, if they reignite their interest. A transfer fee of £8 million ($12.8 million) has been mooted, while a swap deal involving Walcott, who is yet to agree on a new contract, can also not be rejected.