Arsenal head into January's transfer period with roughly £50 million available to spend, prompting widespread speculation about the potential stars manager Arsene Wenger can lure to the club.

The Gunners are not short of options, according to the UK press.

Daily Mail and Metro have linked Real Madrid's Esteban Granero to Arsenal in a deal that could be worth anywhere between £6 million and £12 million. Granero, 24, has seen limited action in a midfield that includes Mesut Ozil, Kaka, and Xabi Alonso. The Sun reported on Arsenal's interest in the Spaniard back in September, and Tottenham reportedly pursued Granero in July.

Lukas Podolski is also on Arsenal's radar, but the German striker is still coveted by his current club, Koln, according to The Sun. Podolski's valuation is at about £20 million.

While Wenger is looking to add players, some players could be on their way out, as well. Anzhi Makhachkala and Galatasaray have shown interest in Russian winger Andrei Arshavin over the past six months. The Times reported in July that Galatasaray offered £13.5 million for the veteran.

The Guardian and Daily Mail have reported that Marouane Chamakh might be on his way out. Sevilla are the most recent club to have shown interest in the 27-year-old striker. According to Daily Star, Everton is interested in Chamakh for a second-half loan.

Arsenal already have three high-profile players out on season-long loans: Nicklas Bendtner, Denilson, and Carlos Vela. There had been several clubs linked to Bendtner this past summer, but Arsenal decided on a loan.

The Gunners have already lost out on Montenegro forward Stevan Jovetic, who signed a contract extension with Fiorentina. Arsenal may pursue Jovetic's teammate. According to Daily Mail report in September, the Gunners considered a £10 million bid on midfielder Juan Manuel Vargas. The versatile Peruvian is effective on the left side, and is excellent at crossing the ball, and plays solid defense. 

Arsenal have never spent £20 million on one player. There are several players that might be valued at that rate or higher in January, so it will be interesting to see if the club will change course in its transfer strategy, and bring in a high-profile player.

Borussia Dortmund midfielder Mario Gotze is probably the most promising Arsenal target, after the Gunners lost out on Spanish midfielder Juan Mata to Chelsea over the summer. Gotze will likely have several notable suitors should Dortmund listen to offers.

Gary Cahill is another high-profile player who might still be in the mix. The Bolton centre back will likely be pursued by local rivals Tottenham and Chelsea.