Arsene Wenger is reportedly considering a bid to sign Miroslav Klose or Alvaro Morata before the 11:00pm GMT transfer deadline.
According to Goal.com, the Frenchman is keen on making additions to his squad in the ongoing transfer window and is eyeing either Klose on a permanent transfer or Morata on loan until the end of the season.
The Gunners boss wants to ease the goal-scoring burden from his compatriot and first-choice striker Olivier Giroud. The 64-year-old also has Nicklas Bendtner at his disposal but has opted to give the Dane only one start in the Premier League this season.
The 35-year-old is an experienced goal scorer for both his club and Germany, and is plying his trade with Lazio, making 15 appearances in the Serie A.
Real Madrid's Alvaro Morata has also been linked with a move to the Premier League, but the Real Madrid striker has not expressed any desire to leave Santiago Bernebeu anytime soon.
However, the report states that the German international is the one who is more likely to make the switch to the Emirates before the closure of the window as he has less than six months in his current deal with the Italian club.
Wenger has also missed out on his pursuit of Juventus striker Mirko Vucinic after his agent confirmed that the Montenegrin international will not be leaving the Italian champions this month.
Theo Walcott is already out for the rest of the season with anterior cruciate ligament injury and the Gunners boss is hoping to prevent the season's wear and tear from affecting his side's title charge.
Any injuries to their current strikers could seriously dent their hopes of winning the first trophy since 2005.
Meanwhile, Wenger admitted that he is in the market for a midfielder after Aaron Ramsey suffered another injury setback which ruled him out for four-six weeks while insisting that Draxler will not be leaving Schalke.
The Gunners' officials were unable to arrive at an agreement with Schalke for top-target Julian Draxler. The Bundesliga side are willing to let go of the youngster only if Arsenal meet their valuation and place a bid of £37.2m.
The north London club have sacrificed their top spot to Manchester City after their 2-2 draw against Southampton during the midweek league clash. They are currently second in the table with 52 points after 23 matches.