The Gunners strengthened in the summer in a bid to help new manager Unai Emery and have made an encouraging start to the season.
But will they spend in the next window? We look at their potential options…
Arsenal’s head of football Raul Sanllehi has suggested that January will be a quiet month.
Speaking in October, he told Sky Sports: “Normally I am not a strong fan of the winter window. I think the winter window is for unexpected problems. That’s not a rule, it is a principle.
“We have a full team of professionals looking into the market, analysing the possibilities and the players. The head coach embraces the philosophy we have and the way we want to play. If we see an opportunity, there is a healthy debate.
“Unless something special comes up, in principle, the winter window is not one that we are really interested in.”
Welbeck is facing a lengthy spell on the sidelines and the Gunners might be tempted into looking for a replacement.
Lille’s Nicolas Pepe would not be a like-for-like replacement for Welbeck, but he has been mentioned as a potential target.
The winger has enjoyed an impressive season, recording eight goals and five assists in 13 Ligue 1 matches.
The Sun say Pepe would be worth £45m and Arsenal are considering a January move.
Arsenal have kept just two clean sheets in the Premier League this season, so a defender might be on their radar.
The Daily Record claim that Arsenal are pursuing Manchester United centre-back Eric Bailly.
The 24-year-old has fallen out of favour at United and has not played since being subbed just 19 minutes into the 3-2 win over Newcastle last month.
The Daily Express are reporting that Arsenal are monitoring Juventus defender Daniele Rugani while Football.London say the Gunners are keeping tabs on young Polish centre-back Sebastian Walukiewicz.
The 18-year-old started his career with Legia Warsaw and now plays for Pogon Szczecin.
Reports in Spain claim that Arsenal have looked at Espanyol defender Mario Hermoso.
The Real Madrid academy product has been called up for Spain’s latest squad and Marca say Arsenal could make an approach in January.