Once again Arsenal are at the center of a flurry of speculation on transfer deadline day, yet with strong fears that it could end in disappointment for Gunners fans. There are strong calls for Arsène Wenger to sign a striker following an injury to Olivier Giroud, but time is now running out on what has so far proved a frustrating search. Over the weekend Arsenal were in the running to sign Radamel Falcao from Monaco, but the prolific Colombian striker is now set for Manchester United on an initial season-long loan, with a deal reportedly proving out of Arsenal’s financial reach. And they have also missed out on Loic Remy. Despite the Queens Park Rangers forward known to have been available to a Champions League club for £8.5 million throughout the summer, Arsenal did not act until Chelsea had already made their approach. He has now signed on the dotted line at Stamford Bridge.

A far less eye-catching target has since emerged, with The Telegraph reporting that Arsenal have been offered the chance to sign former Tottenham striker Jermain Defoe on loan from Major League Soccer side Toronto FC until January -- when Giroud is set to return. Defoe only moved to North American in March, but has reportedly become unsettled following the departure of coach Ryan Nelsen. Toronto have confirmed they have received several offers, but with Queens Park Rangers keen, a move to the Emirates appears highly unlikely. Of more interest to Arsenal is likely to be Manchester United’s Danny Welbeck. While United are believed to be willing to sell the England international, whether they would do so to a potential rival for a Champions League place is a different matter. Reports, from The Guardian among others, suggest that Arsenal’s long Tottenham are now the favorites to land the player.

Perhaps more likely is that Wenger strengthens his options at center-back and defensive midfield. The leading target for a midfield role currently appears to be William Carvalho, who was coy about his future after playing for Sporting Lisbon on Sunday. Paris Saint-Germain’s Adrien Rabiot could be a late alternate solution, however, after Paris Saint-Germain conceded that the 19-year-old was likely to depart and were coy on the veracity of interest from Arsenal.

“The negotiation with Roma is not closed yet,” president Al Khelaifi told Canal+, reports Sky Sports. “We are talking as we are doing with other clubs. “Arsenal? I can say nothing. There are talks ongoing but the player probably will leave.”

 In terms of increasing Wenger’s options at center-back, there are strong reports that Arsenal are one of a number of clubs interested in taking Manchester City’s Matija Nastasić. The most outlandish speculation of the day comes from the Daily Express, which claims Arsenal will bid £40 million for Borussia Dortmund’s Marco Reus -- a player that neither fills a particular need nor is realistically attainable -- before the transfer deadline. Meanwhile, while this frantic activity goes on, Wenger is in Rome attending a charity match.