Time is running out on Arsenal.

With only five days left until the August 31st transfer deadline, Arsenal are engaged in some rather odd transfer discussions.

The Gunners bid on Gary Cahill, who has been on Arsenal's radar for the entire summer, but it was far too low for the centre back and was clearly rejected by Bolton. Cahill has been valued at more than £15 million, yet Arsenal only offered £7 million, according to Sky Sports.

Bolton boss Owen Coyle said that he had not received bids for Cahill this summer. However, it's safe to say that Arsene Wenger will need to come up with a far better offer in forthcoming bids if Arsenal expect to land the 25-year-old star.

There was a conversation between Phil Gartside and a representative of Arsenal, said Coyle, according to Sky Sports. I'm only passing this on as a third party, but the word 'derisory' doesn't even cover it. When I make an offer for a player, I'd like to think in the right ball park, but this wasn't even close.

To Wenger's credit, he has denied that the number was either £6 million or £7 million.

If there was one need that Arsenal firmly addressed this summer, it's been finding a young forward. Despite a reputation for being frugal with transfer bids, Wenger shelled out £12 million for Alex Oxlade-Chamberlain, who just turned 18 this month.

Arsenal then moved forward with a £1 million deal for 19-year-old striker Joel Campbell. The Costa Rican forward only had eight career club matches to his credit before joining the London club.

With the additions of Chamberlain and Campbell, Arsenal seem to have done a strong job of addressing the future of the position. So that makes Daily Mail's report that Arsenal are pursuing 16-year-old striker M'Baye Niang all the more curious. Though Niang is considered to be a phenom, and has been pursued by the likes of Real Madrid, Liverpool, and Tottenham, the Gunners have far more pressing matters to attend to, such as centre back, holding midfielder, and creative midfielder.

With Jack Wilshere still nursing an ankle injury, and Arsenal having lost Samir Nasri and Cesc Fabregas this summer, Wenger currently lacks some depth and star power at the position.

According to Metro, Tomas Rosicky is considering a move away from Emirates based on interest from Wolfsburg. The 30-year-old attacking midfielder was expected to figure more prominently this season should Arsenal not find replacements for Nasri and Fabregas -- a prospect that continues to gain momentum given the looming transfer deadline.

Rosicky has had his struggles with Arsenal, and though the idea of moving the Czech veteran would have been welcomed before the start of the transfer period, the current timing is curious, to say the least. With the current lack of midfield depth, Wenger could use Rosicky.

While Arsenal are thin at midfield, Carl Jenkinson currently consists of the lone defensive addition this summer. Gael Clichy and Emmanuel Eboue have moved on, while Johan Djourou, Laurent Koscielny, Kieran Gibbs, and Thomas Vermaelen have had their share of injuries over the past year.

Daily Mirror reports that left back Armand Traore has received interest from Queens Park Rangers. Like Rosicky, Traore was expected to receive substantial playing time in the event of injuries, or a lack of transfer additions.

What is perhaps equally puzzling this week is that Nicklas Bendtner is still on the squad. The Danish forward was reportedly on his way out for the past several weeks, with multiple suitors vying for the 23-year-old. An interesting link was to Werder Bremen in a swap for centre back Per Mertesacker, but nothing has materialized, and it's possible that Bendtner will remain with the Gunners, creating a logjam at forward.

The Independent reported that Arsenal have already made fresh inquiries about loans for midfielders Lucho Gonzalez of Marseille and Sochaux's Marvin Martin. Also, £22 million-rated defensive midfielder Yann M'Vila remains a target. It's been reported by some sources that Arsenal has made the offer to M'Vila.

It would have been ideal to have moves in place heading into the much-anticipated match with Manchester United at Old Trafford on Sunday, but there is no chance of that happening.

Arsenal's delays with adding reinforcements have prompted criticism from fans and the media, but one prominent rival manager has taken to Wenger's defence.

I would like to know who is going to replace him, said Sir Alex Ferguson. The work he has done in the 15 years he has been at the club is the best in Arsenal's history. Yes, he has not won a trophy for six years but what does that mean? The quality of his side has not been reduced.