Sol Campbell could be set for a shock return. Campbell has been training with the club since being released from Notts County earlier in the season and Wenger is set to reward him with a short term contract, providing he can first offload misfiring Philippe Senderos.
Wenger has publicly ruled out a move for Bordeaux striker Marouane Chamakh this transfer window but Liverpool's interest in the 25-year-old Morocco striker may force him to reconsider.
Arsenal scouts have also been to watch Crystal Palace's Victor Moses, although Tottenham, Liverpool and Manchester City are also in the hunt.
Arsene Wenger is also rumoured to be in the hunt for Ivory Coast striker Lacina Traore. The 19 year-old currently plays for Cluj in Romania and has been called 'the new Emmanuel Adebayor'.
Arsenal, along with Manchester United, have shown interest in 17-year-old Cardiff defender Adam Matthews. Fran Merida could leave, with reports suggesting he has signed a pre-contract agreement with Atletico Madrid.
John Carew continues to be the subject of transfer speculation, with the latest reports suggesting that Martin O'Neill is willing to let him go to Tottenham in exchange for Robbie Keane.
Craig Gardner is likely to leave the club after five years at Villa Park, with both Wolves and Birmingham interested.
In addition, Carlos Cuèllar has attracted the interest of Real Madrid and Emile Heskey could also depart as he searches for regular first-team football ahead of the World Cup.
O'Neill is rumoured to be interested in bringing Jermaine Pennant back to the Premier League, while a £12m move for Kenwyne Jones is another possibility. Graham Dorrans, another transfer target, will be staying at West Brom after he signed a new deal.
New owner Carson Yeung has handed Alex McLeish £40m to spend in January as they push for European football, and Sporting Gijon midfielder Michel is his first signing for £3m, subject to a medical. A £10m bid for Sunderland's Kenwyne Jones has also been lodged.
However, McLeish has been told Liverpool's Ryan Babel is not for sale, and the same goes for Celtic's Aiden McGeady. The club has made a fresh offer for Rangers striker Kris Boyd, while Aston Villa's Craig Gardner is another target. Peterborough striker Aaron McLean could be available for £4m, while Giles Barnes, currently a free agent after being released by Derby, is another option.
Sam Allardyce is believed to be in talks with Feyernoord forward Andwele Slory over a loan deal and Algerian midfielder Amine Linganzi, who has been training at Ewood Park. Other targets include Portsmouth's Nadir Belhadj and Monaco's Eidur Gudjohnsen, who could be the subject of a £1.8m bid. A swap deal for Stoke's James Beattie that could see Jason Roberts moving in the other direction is also in the pipeline. Out-of-favour Benni McCarthy will be allowed to leave, with Everton rumoured to be lining up a £2.5m offer.
Prospective new manager Owen Coyle will have several possible transfer leads to follow up: Real Madrid midfielder Guti and Barcelona striker Bojan Krkic may be available on loan, while the club have also been linked with Portuguese striker Nuno Gomes and Bosnian defender Safet Nadarevic. Gary Cahill could be sold to raise funds for the new boss, while Marseille are rumoured to have made an enquiry about striker Johan Elmander.
Cash-strapped Burnley could join the chase for Stoke striker James Beattie as they search for a new manager to replace Owen Coyle. Tottenham's Gareth Bale and Arsenal's Jack Wilshere are loan options, and the club has the option to purchase on-loan striker David Nugent from Portsmouth for £1m.
Chelsea have made their first big move of the window by offering Atletico Madrid £30m for striker Sergio Agüero, although this is substantially less than the £40m they had previously indicated they might offer.
Carlo Ancelotti is also believed to be weighing up a move for Juventus and Italy forward Vincenzo Iaquinta. The 30 year-old would cost around £8 million.
Ajax's Luis Suarez and Wolfsburg striker Edin Dzeko are rumoured to top Carlo Ancelotti's shopping list, while the club have again been linked with Valencia's David Villa who would set them back around £40m.
The club could also move for Monaco midfielder Jerko Leko and Bayern Munich's Bastian Schweinsteiger , although Franck Ribery, another target, is believed to favour a move to Real Madrid.
In the other direction, Genoa and Milan are believed to be in the hunt for defender Alex.
Having already tied up a loan deal for the American Landon Donovan, Moyes is in the hunt for Benni McCarthy, who will be allowed to leave Blackburn for £2.5m. The club have also agreed a deal with Malmo for 15-year-old defender Johan Hammar.
David Moyes is also reportedly interested in Atlètico Madrid's Argentine international midfielder Maxi Rodriguez, while teenager Maxime Lestienne could join from Belgian side Mouscron.
Lyon striker Frederic Piquionne, currently on loan at Portsmouth, is being lined up as a replacement for the errant Jo.
Philippe Senderos could join from Arsenal, and Everton are also pondering a loan move for former Gunners winger Jose Antonio Reyes.
Stefano Okaka, who scored the winner for Roma against Fulham in the Europa League, could move to Craven Cottage after impressing Roy Hodgson. The striker’s agent has confirmed the Italy under-20 international would be willing to join Fulham on loan and a deal could be in place by the weekend.
The 20 year-old could be allowed to leave Roma on loan following the arrival of Luca Toni from Bayern Munich.
Fulham could also be preparing to steal Tottenham's Jamie O'Hara from under the noses of Portsmouth, where the 23 year-old is currently on loan.
Hodgson could also try and sign Spurs defender Alan Hutton to boost his defence, and may also be preparing an audacious loan bid for Arsenal's Jack Wilshere. The club have been linked with Wigan's Paul Scharner.
Phil Brown is reported to be looking at Marlon Harewood, currently on loan at Newcastle, and are looking to bring Felipe Caicedo on loan from Manchester City until the end of the season. Hull could make a bid for Hamilton Academicals midfielder James McArthur, and are also reputedly interested in Sol Campbell, a free agent after leaving Notts County.
However, they have missed out on American youngster Freddy Adu, who has decided to move to Greek club Aris from Benfica. Caleb Folan and Daniel Cousin could both go on loan as Phil Brown tries to cut the club's wage bill.
Liverpool are on the verge of clinching a £1.5m deal for Maxi Rodriguez, the Atletico Madrid and Argentina winger, on an 18-month contract. Andrea Dossena has signed for Napoli for a fee believed to be in the region of £4.5m, and Andriy Voronin could follow him, with Dinamo Moscow lining up a £2m bid.
The club could also battle it out with Arsenal for Bordeaux's Marouane Chamakh, who could sign a pre-contract agreement with the club. Rumours are also flying over a £2m deal for Reading goalkeeper Adam Federici.
Rafa Benitez is also preparing to make a £1m down-payment on 20-year-old Nicolas Lodeiro, described as 'the Uruguayan Messi'.
Liverpool have rejected one bid of £8m by Birmingham for Ryan Babel, while Voronin is wanted by Dinamo Moscow. A bid by Olympiakos for Yossi Benayoun has been rejected, but Liverpool may let Albert Riera move to the same club.
Patrick Vieira has become Roberto Mancini's first signing after signing a six-month contract at Eastlands. The club are also hot on the trail of Argentina international left-back Cristian Ansaldi, currently at Russian champions Rubin Kazan.
City have reportedly joined the chase for Crystal Palace's Victor Moses, with Liverpool, Tottenham and Arsenal all also in pursuit of the 19-year-old striker.
Danish defender Simon Kjaer, currently at Palermo, could also move in an £18m deal. However, Mancini appears to have failed in his attempt to lure Juan Sebastian Veron to Eastlands.
Moves for Juventus's Giorgio Chilellini, Portsmouth's Younes Kaboul, Bolton's Gary Cahill, Bari defender Leonardo Bonucci and West Ham's Matthew Upson have all been rumoured, as well as an ambitious link with Barcelona forward Zlatan Ibrahimovic. But City are understood to be cooling on Inter Milan pair Maicon and Ivan Cordoba.
United have reportedly been told they will have to find around £40m if they want to sign Marseille winger Hatem Ben Arfa. The club have expressed an interest in 17-year-old Cardiff teenager Adam Matthews, although Arsenal are also keeping tabs on the defender.
The club has also been linked with a shock move for Portsmouth's David James as a replacement for Edwin van der Sar, who is away on compassionate leave. French international goalkeeper Hugo Lloris is another option, but Fiorentina's Sebastian Frey has ruled out a move.
Frederico Macheda could go to Real Zaragoza or Bologna on loan, according to reports.
Nani is also set to leave the club, and could be used as part of an exchange deal for Benfica winger Angel di Maria, regarded as one of the most promising young talents in Europe. Sir Alex Ferguson could also sign Serbian defender Uros Cosic and attempt to hijack rivals Manchester City's move for Juventus defender Giorgio Chiellini.
Avram Grant is unlikely to be allowed a January spending spree, given the club's precarious financial state and its current transfer ban. Nevertheless, they have been linked with Benfica defender Miguel Vitor on loan. Marseille winger Hatem Ben Arfa, though, looks like staying put. Grant has the option of recalling striker David Nugent from his loan spell at Burnley in the event that Pompey are barred from signing new players.
Stoke are thinking big as they search for a striker. Sunderland's Kenwyne Jones, Ryan Babel and Emile Heskey are all big-name possibilities as the club looks likely to offload James Beattie. They are also reportedly considering a move for Egyptian Amr Zaki, formerly of Wigan.
Meanwhile, Pulis is rumoured to have entered the race for West Ham's Scott Parker, and they could try and sign Barcelona prodigy Oriel Romeu on loan.
With striker Kenwyne Jones linked with a move to Birmingham, Steve Bruce wants to replace him with German international Kevin Kuranyi. Ivory Coast full-back Guy Demel could also move to the Stadium of Light for £5.5m. The club could also move for Younes Kaboul of Portsmouth.
Alan Hutton and David Bentley could both join from Spurs, while the club may battle it out with Newcastle for Manchester United's Danny Simpson and with Tottenham for Wigan's Maynor Figueroa. A move for Coventry goalkeeper Keiren Westwood is also on the cards.
Tottenham have joined the pursuit for 19-year-old Crystal Palace striker Victor Moses, rated as one of the most promising talents in the Football League. Monaco striker Eidur Gudjohnsen and Sporting Lisbon's Miguel Veloso have also been linked with the club.
Robbie Keane could be on his way out. Reports suggest he may be offered as bait to Aston Villa as Harry Redknapp bids to sign John Carew.
Spurs have also been linked with an audacious £12m move for Micah Richards of Manchester City, and have discussed a cash-plus-player deal with Inter Milan for Sulley Muntari that would see Jermaine Jenas going to the San Siro.
Peterborough captain George Boyd, Portsmouth goalkeeper David James, Wigan's Maynor Figueroa and West Ham's Matthew Upson have all been linked with moves to White Hart Lane, even though Harry Redknapp has been told to sell before he buys.
West Ham United
Fiorentina striker Adrian Mutu, formerly of Chelsea, is being lined up for a loan move and could complete a transfer as early as next week, according to reports.
West Ham are reportedly interested in signing former Chelsea striker Eidur Gudjohnsen, according to reports in France, although they would have to to scrap with Tottenham to sign the Icelander.
Alessandro Diamanti, the club's 26-year-old striker, has dismissed reports linking him with a move to AC Milan.
But with Scott Parker and Matthew Upson linked with moves away, Robert Huth of Stoke and Benfica veteran Nuno Gomes are potential transfer targets. Highly-rated 18-year-old Belgian winger Geoffrey Hairemans and James Beattie are also in the frame, while the club could also make a £2.5m swoop for Tours striker Olivier Giroud.
Gianfranco Zola is also keeping tabs on former Chelsea striker Mateja Kezman. The Serb could move on loan with a view to a permanent deal in the summer.
Wigan have completed the loan signing of Serbian international goalkeeper Vladimir Stojkovic. Oliver Kapo is on the verge of completing a loan move to Boulogne. The 29 year-old has made just one substitute appearance all season. Wigan are also hoping to send left-back Erik Edman on loan to Sheffield United.
Roberto Martinez is rumoured to be lining up a £3m bid for Leicester's in-form striker Matty Fryatt. Chilean defender Waldo Ponce and Ivorian Steve Gohouri of Borussia Moenchengladbach are two of his other targets, while the club has also been keeping an eye on Sporting Gijon left-back Roberto Canella, though Celtic have rebuffed an approach for striker Scott McDonald.
Wolves have made a £3m bid for Hull winger Stephen Hunt, although Hull manager Phil Brown has denied he is for sale. Mick McCarthy will turn his attention to Derby's Kris Commons if he is unsuccessful. The club are also interested in signing Guingamp midfielder Richard Soumah, according to reports in France.
Neil Collins has been sold to Preston for £750,000. The club's attempt to take Toulouse winger Fodé Mansaré on trial has been hampered by the snow. England under-21 star Craig Gardner could also move to Molineux from Aston Villa, and Mick McCarthy is also rumoured to be looking at Birmingham's Lee Carsley and Celtic winger Niall McGinn.