The Argentinian endured a difficult start to life in the Premier League.
The Gunners are reportedly willing to take a chance on the Greek forward.
Manchester United have been linked with Youri Tielemans and Leander Dendoncker.
Ibrox side Rangers have already won the Scottish Championship this season and have gained automatic promotion to the Scottish Premiership.
Manchester City take on Stoke City in the Premier League on Saturday before facing Real Madrid four days later in the Champions League.
Arsenal's season has imploded since the turn of the year, with many ex-Gunners turning on Arsène Wenger.
Tottenham Hotspur will take on West Bromwich Albion in the Premier League on Monday.
Everton and Manchester United will face each other in the FA Cup this weekend.
The 23-year-old Danish centre-back has been dropped to the Under-21s by Black after refusing to sit on the bench against Bournemouth.
Andy Sinton heralds Spurs' midfielders and backs his former side to beat West Brom on Monday.
Aston Villa are hoping to sign Barnsley midfielder Conor Hourihane.
Making appropriate changes to strengthen and grow the business.
Nottingham Forest owner continues not to endear himself to fans.
Is talented youngster closer to signing a new deal.
O'Halloran was signed by Rangers boss Mark Warburton a year ago, but could be on his way out of Ibrox already.
HITC Sport understands the Luton Town boss is in the frame for the Nottingham Forest vacancy.
Brentford manager Dean Smith has dropped a big hint over what is causing the hold-up in Scott Hogan's move to West Ham United.
Aston Villa boss Steve Bruce has conceded defeat in his pursuit of Jordan Rhodes.
Swansea City and Sheffield Wednesday have both been active in the January transfer window.
Newcastle United are looking to utilise the loan market in January.