Southampton are planning to rival both Everton and West Ham for Theo Walcott's signature, and have already reached out to Arsenal about a potential move, according to the Daily Mirror, while the Saints are also keen on Celtic striker Moussa Dembele - who has previously been linked with the same Premier League sides as Walcott.
The Saints now have £75 million to spend during the January transfer window after selling Virgil van Dijk to Liverpool, and the Mirror reports that bringing Walcott back to St Mary's is one of the things that they would like to do with the money.
The Mirror adds that Walcott - who is also being pursued by the Toffees and the Hammers - earns £140,000 a week at the Emirates Stadium, but Southampton are prepared to meet those demands and have already reached out to Arsenal about a deal, whether that be a loan deal or a permanent return to the south coast for the Englishman.
He is not the only striker on their radar however, with the Mirror suggesting that Hoops forward Dembele is also attracting their attention and Celtic may be ready to let him go if they receive a bid in excess of £20 million - though the Frenchman himself is keen to wait and see if some of Europe's heavyweights come in.
The Mirror previously suggested that Everton and West Ham also want Dembele after his brilliant spell at Parkhead, so perhaps the three sides may be about to battle for both Walcott and Dembele during next month's window.
It will be interesting to see if the Saints prioritise one pursuit over the other as Dembele and Walcott certainly tick different boxes right now, with the latter boasting the top flight experience in England that the much younger Dembele does not have.
But in terms of what may be a more exciting gamble, it would appear that Dembele may tick that particular box - though it may be easier said than done to get a move across the line.