Arsenal have been heavily linked with Barcelona striker David Villa but he Catalans are not willing to let the Spain striker leave this month. While Atletico Madrid's Adrian Lopez has been a long-term target, the Gunners are interested in Stevan Jovetic from Fiorentina.
Wenger is on the look out for a new striker despite having Oliver Giroud and Theo Walcott upfront. France striker Giroud scored twice while Walcott netted the crucial third goal in their 3-2 win over Brighton to enter the fifth round of the FA Cup.
Wenger nearly pulled out of the race to sign Adrian from Atletico after the Spanish giants slapped a £15m valuation for the star striker while David Villa was left frustrated after being benched for their 2-4 win over Malaga in the Copa Del Rey.
Villa, 31, has been lacking first-team football with the Catalans and his growing frustration is being monitored by the Gunners. Although Barcelona are not letting Villa leave this month, Arsenal are ready to bid nearly £15million for the World Cup winner.
Wenger is also interested in signing a midfielder in West Ham's Mohamed Diame, who is also a target for Tottenham and QPR, and Wigan Athletic's James McCarthy, who is targetted by Everton.
Diame, 25, has a release clause of £3.5million in his contract but his £75,000-a-week salary could threaten the deal. However, Wenger will be keen to replace Emmanuel Frimpong, who was sent on loan to Fulham, and Mikel Arteta, who is injured.
Meanwhile, Real Madrid are planning to replace Jose Mourinho with Wenger. The Frenchman had already denied two such offers from Real president Florentino Perez in the past but Spanish champions are aware of Arsenal's position in the league and their fans growing frustration.