Arsenal's summer spending so far has seen Arsene Wenger conclude deals for former Barcelona star Alexis Sanchez, erstwhile Newcastle United right back Mathieu Debuchy, Southampton academy graduate Calum Chambers and reserve goalkeeper David Ospina.
The North Londoners have acquired a combined £56.2 million worth of talent, however, even Wenger himself has said that, should an opportunity present itself, Arsenal would not be loathe to re-entering the summer market for further players.
The Gunners seemingly passed on the opportunity to sign out-of-favour midfielder Sami Khedira, who was reportedly available for a cut-price fee of £12 million, and Arsenal have also allegedly been offered Sporting Lisbon star William Carvalho for around £27.5 million providing a player of the calibre of Yaya Sanogo or Serge Gnabry is sent the other way on loan.
Arsenal are yet to respond, but if defensive midfield was an area Wenger wanted to fortify ahead of the closure of the transfer window next week, then Carvalho could be the only realistic option as an alternate target - VfL Wolfsburg star Luiz Gustavo - is now the subject of interest from cash-rich Ligue 1 side AS Monaco.
The French Riviera outfit have James Rodriguez funds to spend, after the Colombian joined Real earlier in the window and have, according to "sources in France" entered the race to sign Gustavo. The same report indicates that Real Madrid are also admirers.
In 29 Bundesliga appearances last season, Gustavo was responsible for 44 clearances, 71 interceptions and 99 tackles.
He joined Wolfsburg from Bayern Munich last year, after having rejected the opportunity to transfer to Arsenal.