Paris Saint-Germain have reportedly opened talks with Lyon over Arsenal target Houssem Aouar, with a view to signing the France midfielder in 12 months' time.
Meanwhile, the Gunners' Lucas Torreira looks closer than ever to a move away from the club, but Atlético Madrid will have to sell Hector Herrera before a deal can be finalised.
So far, it's been a diligently active transfer window for Arsenal, who are still hopeful of one marquee signing before Monday's deadline. Lille defender Gabriel Magalhães has been their highest-profile acquisition so far, but the remainder of their business has been pragmatic and risk-free, and the best may be yet to come.
The need for a new creative midfielder was eased by the return of Dani Ceballos on a season-long loan, but Mikel Arteta remains keen to add quality to his options in the middle of the park, where Mohamed Elneny (no offence) has featured heavily in the early part of 2020/21.
Aouar has been a long-term target to that end, and the latest from France suggests that a deal might still be on - though PSG's interest has thrown a spanner in the works. L'Equipe (per GFFN) note that the Gunners are still leading the way, but that PSG president Nasser Al-Khelaifi has opened dialogue with Lyon CEO Jean-Michel Aulas over a deal for next summer.
Neither club are prepared to meet Lyon's €50m asking price just yet, and Aulas has set a deadline of Saturday morning to finalise any outgoing deals.
Arsenal's hopes of financing a deal may hinge on their ability to raise funds before the window closes, and that's where Torreira, who has seemingly lost his place to Elneny, enters the picture.
The Uruguayan is yet to be included in a squad this season, and AS note that Atlético Madrid are poised to confirm an initial loan deal with an option to buy in the region of €24m. They too have to sell first, however, with Hector Herrera - previously a target for West Ham - to be sacrificed.
That's a lot that will need to fall into place over the weekend, then. Stay tuned!