The transfer deadline is Wednesday at 11 pm, and Arsenal have yet to find replacements for star midfielders Samir Nasri and Cesc Fabregas, as well as fill voids at left back, centre back, and defensive midfielder.
After the blowout loss to rivals Manchester United on Sunday, and with only one point in three Premier League matches, pessimism is running wild amongst the Arsenal fan base.
Arsenal were supposed to rebound from a disappointing 2010-2011 season, but it now seems that the club is in danger of finishing in either fifth or sixth place this season. Things have gotten so bad for Arsene Wenger that the long-time manager had to address his status with the club after Sunday's loss.
After defeating Udinese last week to advance to group play, there was some momentum for the club, but after the drumming the Gunners took against Manchester United, the calls for reinforcements are louder than ever. Wenger and chief deal maker Dick Law have roughly £80 million to fill a number of holes, though Wenger doesn't appear to have a sense of urgency.
I know that in England when you lose a game the signings are always the solution but we have first to get our players back. We had eight players out today and anybody would suffer with them eight players out, said Wenger, to Sky Sports.
Though forward is not the most critical need at the moment, Arsenal could use help up front. According to the BBC, Monaco forward Chu-Young Park, 26, who was a Lille target, will join Arsenal at a cost between £3 million and £5 million. The Guardian, however, reported that Arsenal would land the South Korean striker for £10 million.
The search for a midfielder could arrive at the expense of out-of-favour forward Nicklas Bendtner. The People reported that the Danish striker could be swapped for Mikel Arteta of Everton. Should Everton reject the swamp, Arsenal would bid £9 million for the 29-year-old Spaniard.
Bendtner was expected to move on from Arsenal for the past several weeks. His presence within the club could serve as a distraction, so a swap would probably be the preferred way to land Arteta, an experience midfielder who would take on Cesc Fabregas's former role.
French rising star Yann M'Vila appears to be the main Arsenal target at defensive midfielder. The Rennes youngster is valued at £10 million, according to Sunday Mirror.
The most curious case for Arsenal is Gary Cahill. The Bolton defender has long been rumoured to join Arsenal, and the Gunners recently made a bid on the centre back that was so low it was considered insulting. What resulted was an exchange of harsh words between Arsenal and Bolton.
However, Daily Mirror reports that Arsenal will return with a new bid worth £12 million that could increase to about £15 million with any international and club honours won by Cahill over the course of a five-year contract.
If Arsenal miss out on Cahill, expect renewed interest in versatile defender Raul Albiol, who has fallen out of favour at Real Madrid. The defender is also a target of Valencia.
A major reason for Arsenal's inability to land top-quality players through loans, is thought to be the club's £90,000 cap on weekly player wages. Players like Kaka, Wesley Sneijder, and Carlos Tevez would have been obvious targets if not for their high salaries.
For a club that has been linked to so many players this summer, not landing at least one midfielder or centre back before the deadline would likely stir more confusion from Arsenal's fans.