But the Gunners are likely to miss out on another target, with 27-year-old full-back Ignazio Abate set to commit his future to AC Milan.
Former Tottenham striker Jermain Defoe, 32, could return to English football in January, according to the boss of the Toronto MLS franchise.
Liverpool have no plans to loan out Fabio Borini, 23, despite interest in the striker from Inter Milan, Sunderland and QPR in the summer.
Tottenham defender Younes Kaboul, 28, has denied reports linking him with a move to either Lazio or Fiorentina in Italy's Serie A.
Former Newcastle midfielder Yohan Cabaye, 28, says he is unhappy with his bit-part role at Paris St-Germain and misses England.
Harry Redknapp says he nearly signed former Arsenal midfielder Patrick Vieira and current Barcelona striker Luis Suarez for Tottenham when he was in charge of Spurs.