Arsenal's number one priority before strengthening has to be stopping any more key players departing. That has been what has harmed them so badly over the years.
And if they lose Theo Walcott, especially after his stunning hat-trick against Newcastle, Arsenal know there could be full scale rebellion from supporters. It could get very ugly, with fans already disgruntled and protesting at last year's AGM.
The good news is, it looks like Walcott is nearing being ready to do the deal. He has been playing centrally of late and looks happy in the company of his teammates and it is being reported that talks are progressing nicely.
In fact, the papers have claimed that a deal could even be completed in the next week, which would be terrific for Arsenal and their fans.
At times it has looked like the winger was just stringing Arsenal along until January before negotiating with other clubs and leaving, but it doesn't appear that way, and there has been so much worry around the Emirates and chatter about it on every matchday since August that if he does sign, it will give everybody connected to the club a huge boost.
That includes his teammates, who can move forward knowing Walcott is fully committed to them. Walcott will have learned a lot about his desire to play at Arsenal over the past few months, and Arsenal and Arsene Wenger has learned much about him, with his progression and redeployment in a central striking role.
Whoever Arsenal sign in January, we are willing to stick our neck out and say they won't have as big an impact as the news Walcott staying will bring.
If they lose him then it will set the club back several months, just like it always does when they lose a star player. This time they can start moving upwards, but only when the club get him to put pen to paper. They can hardly afford for the situation to drag on for much longer.
Will Walcott be Arsenal's most important signing of the transfer window? Who else do they need?
image: © Ronnie Macdonald