With the winter transfer window having opened on January 1, we round up Arsenal's done deals, plus the players linked with moves in and out of the Emirates.
Arsenal's fresh £70m Caicedo bid rejected by Brighton
Sky Sports News understands Arsenal's £70m bid for Moises Caicedo has been rejected by Brighton.
The south coast club's stance remains the same, that he is not for sale and Sky Sports News has been told that position will not change.
The Gunners' second bid of £70m would have been a record transfer fee received by Brighton.
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The Gunners had their initial £60m offer for Caicedo rejected, which prompted the Colombia international to plead with Brighton to let him leave and join the Premier League leaders in a statement on social media.
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Caicedo, who said to Brighton's official website that he was focused solely on his current club just last week, was told to stay away from training with the Seagulls until after Tuesday's transfer deadline following his Instagram post.
Brighton head coach Roberto De Zerbi wants Caicedo to stay until the end of the season but says the club are "ready to go forward without him".
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Martinelli agrees new four-and-a-half year contract with Gunners
Gabriel Martinelli has agreed a new contract with Arsenal until the summer of 2027, according to The Athletic.
The Brazilian's current contract expires in the summer of 2024, but the report claims the 21-year-old has now agreed to fresh terms to extend his stay at the Emirates Stadium with the draft deal in the process of being finalised.
The forward has starred for the Premier League leaders this season having scored seven goals in 26 appearances in all competitions.
Arsenal's £60m bid for Caicedo rejected by Brighton
Arsenal have had a £60m bid for Brighton midfielder Moises Caicedo rejected.
The south coast club insist Caicedo is not for sale in this January transfer window, but Arsenal remain interested and are deciding whether to go back in with an improved offer.
The bid was guaranteed a £60m fee. The biggest transfer fee Brighton have received in their history is the initial £57m plus add-ons from Chelsea for Marc Cucurella.
Chelsea are also interested in the midfielder - who Brighton bought for £4.5m from Independiente del Valle two years ago - but one source has told Sky Sports News a transfer to the Blues in January seems very unlikely as the clubs are "not in the same ball park" regarding valuations.
Last week, Brighton coach Roberto De Zerbi said on Caicedo's future: "the best solution is that he finishes the season with us and in the summer he changes teams".
Caicedo has two and a half years left on his contract - and is unlikely to sign a new one. As a result, Brighton will be doing due diligence on a potential succession plan.
Bamba agent cools Arsenal talk
The agent of Vitoria Guimaraes midfielder Ibrahima Bamba has cooled talk of his client joining Arsenal before Tuesday's January transfer deadline.
Reports have strongly linked the 20-year-old with a move to Mikel Arteta's side and talk on social media heightened when his agent, Filipe Macedo Alves, was seen in London.
"It's true that I was in London, but I am just arriving from Germany, where I was watching Edmond Tapsoba's game," Alves told O Jogo. "Bamba is not the only player I work with.
"He [Bamba] has a player profile that is clearly of interest to many clubs, but today he is a Vitoria player and is only focused on Monday's game in Chaves.
"The market is open, but I'm not going to feed rumours."
Gunners must pay Zubimendi's £52.8m release clause
Real Sociedad have told Arsenal they will have to pay Martin Zubimendi's £52.8m release clause if they want to sign the midfielder this month, according to The Times.
Mikel Arteta wants to sign a central midfielder before the transfer window closes on Tuesday after Mohamed Elneny sustained a knee injury.
The report claims Sociedad are aware of Arsenal's interest in Zubimendi but the Spanish club are confident they will keep the 23-year-old, at least until the end of the season.
Fulham hoping to sign Cedric on loan
Fulham are looking into how they can make Shane Duffy's loan from Brighton a permanent deal in order to register Arsenal defender Cedric Soares as their second loan.
One option is to buy out the rest of his Brighton contract, which has six months left, and give him a short-term, permanent deal at Craven Cottage until the summer.
Duffy has been open to going elsewhere on loan for more game-time. He has hardly played since joining Fulham in the summer on loan until the end of the season, but Sky Sports News understands no concrete offers have yet been forthcoming.
Fulham need to solve the Duffy dilemma in order to complete the loan for Soares from Arsenal, with a deal agreed in principle between the clubs and the Portugal right-back.
Are Arsenal favourites to sign Rice?
The Guardian says Declan Rice 'is leaning towards joining Arsenal' if, as expected, he departs West Ham this summer.
According to the newspaper, Rice favours joining Arsenal 'because of the prospect of playing for Mikel Arteta, who has drawn up plans for where the West Ham captain would fit into his team'.
Who have Arsenal been linked with?
Moises Caicedo - Arsenal's pursuit of Brighton midfielder Caicedo will not stop them trying to sign Declan Rice in the summer, with the club keen to add both players to Mikel Arteta's squad (Daily Telegraph, January 29); Caicedo is considering handing in a transfer request to force a late move to Arsenal or Chelsea (Daily Mail, January 28); Arsenal have made a £60m bid for Caicedo - but the offer is expected to be rejected, with the Seagulls' stance that the midfielder is not for sale unchanged (Sky Sports, January 27).
Martin Zubimendi - Real Sociedad have told Arsenal they will have to pay Martin Zubimendi's £52.8m release clause if they want to sign the midfielder this month (The Times, January 26).
Ivan Fresneda - Arsenal have matched a £13m bid for Real Valladolid defender Ivan Fresneda and the 18-year-old will decide what he wants to do in the next 24 hours; (Daily Mail, January 24); The 17-year-old Real Vallodolid right-back has interest from the England and Germany, and Arsenal are monitoring his situation (Sky Sports News, January 18)
Amadou Onana - Arsenal could enact the perfect revenge on Chelsea for signing Mykhailo Mudryk earlier this month by beating them in the race to sign Everton midfielder Amadou Onana. (Daily Express, January 24)
Eduardo Camavinga - Arsenal are interested in a surprise loan deal for Real Madrid midfielder Eduardo Camavinga (The Evening Standard, January 20).
Declan Rice - Declan Rice has been talking up Arsenal to his West Ham team-mates since reports emerged that the Gunners are keen to bring him to the Emirates in the summer (Daily Express, January 21); Arsenal are considering a gamble of saving their transfer kitty in January in an effort to build up the funds to make a run at signing West Ham midfielder Rice in the summer (Daily Star, January 19); Arsenal have made Rice their top target this summer and are growing in confidence that they can beat Chelsea to the England midfielder's signature (The Times, January 17).
Dusan Vlahovic - Arsenal have turned their attention to Vlahovic after missing out on Mykhailo Mudryk (The Sun, January 17).
Raphinha - Barcelona are open to selling Raphinha during the January transfer window, but only if the interested party agrees to pay £100m for his services, according to reports (Daily Mail, January 17); Raphinha has no interest in leaving Barcelona for a Premier League return with Arsenal, according to reports in Spain (Daily Express, January 16); Arsenal could have a second chance to sign Barcelona forward Raphinha after missing out on the Brazil star during the summer transfer window (Daily Express, January 12).
Facundo Torres - Arsenal target Torres has confirmed the Gunners made contact over a transfer as he awaits further talks (Evening Standard, January 17).
Victor Osimhen - Manchester United, Arsenal and Newcastle are set to battle it out to sign Napoli star Osimhen, according to reports (The Sun, January 17).
Yeremy Pino & Moussa Diaby - Arsenal have been left licking their wounds with Mykhailo Mudryk now set to join rivals Chelsea, and could return to summer targets Pino and Diaby of Villarreal and Bayer Leverkusen respectively (Sunday Express, January 15).
The players linked with an Arsenal exit
Cedric Soares - Fulham are in talks with Arsenal over the signing of right-back Cedric Soares (Sky Sports, January 20).
Arthur Okonkwo - Sturm Graz are in talks with Arsenal about the possibility of signing goalkeeper Okonkwo on loan (The Athletic, January 14).
Martin Odegaard - Arsenal could be at risk of losing captain Odegaard following reports that his early season form has caught the eye of Real Madrid (Daily Mirror, January 2).
What are the latest contract talks?
William Saliba - Saliba insists he is "so happy" at Arsenal as contract talks continue behind the scenes of an increasingly convincing Premier League title bid (The Independent, January 17); Arsenal have triggered the defender's contract extension until June 2024 (Sun, December 31).
Bukayo Saka - Arsenal have triggered a clause in Saka's contract to keep him at the club until at least 2024, according to reports (The Sun, January 3).
Gabriel Martinelli - Talks between Arsenal and Martinelli about a new contract are in the "final stages", according to reports (The Sun, December 29); Arsenal are close to agreeing a new contract with the Brazil winger that will result in Martinelli becoming one of the club's top earners (Daily Mail, December 20).
Reiss Nelson - The 23-year-old winger is hoping to sign a new deal to extend his stay at Arsenal (The Sun, December 15).
Confirmed Arsenal signings
Leandro Trossard - Arsenal have completed the £27m signing of Brighton attacker Leandro Trossard.
Jakub Kiwior - Arsenal have completed the £20m signing of Spezia defender Jakub Kiwio.
Confirmed Arsenal departures
Brooke Norton-Cuffy - Coventry, loan
Miguel Azeez - Wigan, loan