All the latest Arsenal transfer news and rumours from across the British and European press on Monday, January 8.
Southampton will try to negotiate with Arsenal over the signing of Theo Walcott during the January transfer window, according to the Daily Mail.
Walcott, who signed for Arsenal from Southampton as a 16-year-old in 2006, has found first-team opportunities hard to come by at the Emirates this season.
And on Saturday after their 1-0 win over Fulham, manager Mauricio Pellegrino confirmed Southampton are interested in re-signing Walcott this month.
Borussia Monchengladbach director of sport Max Eberl insisted highly-rated defender Jannik Vestergaard, linked with Arsenal, will not be sold in January.
The 25-year-old Danish international has impressed this season, and Monchengladbach chief Eberl said: "We don't intend to let anyone go during the winter."
Arsenal boss Arsene Wenger could cut short his latest contract and move into the boardroom in the summer and is eyeing Mikel Arteta as his hand-picked successor, the Daily Mirror reports.
His current deal reportedly contains a clause which allows both parties to review the situation at the end of the season and Wenger harbours doubts about continuing beyond the summer, with Arteta impressing as a coach under Pep Guardiola at Manchester City.