Arsenal cannot do any business for another three months, but that has not stopped the transfer rumour mill from going into overdrive.

The Gunners were active in the summer, signing Piero Hincapie, Ilian Meslier, Christos Tzolis, Bruno Guimaraes and Ezri Konsa, though there’s a feeling they missed a trick by not bringing in another forward.

That said, it wasn’t for the lack of trying amid links to Julian Alvarez, while Mikel Arteta’s assistant has confirmed the club did pursue a deal for Real Madrid superstar Vinicius Junior.

Interestingly, the latest headlines point towards the Gunners targeting another Madrid player and facing competition from two Premier League rivals for an in-form attacker.

With that in mind, here are today’s top Arsenal transfer news and rumours...

Liverpool and Arsenal are among several clubs showing interest in Real Madrid star Trent Alexander-Arnold.

As per , Manchester City and Chelsea have also made over a possible move ahead of the January transfer window.

However, the report states that the right-back is not contemplating a return to England just yet.

It is claimed that Alexander-Arnold remains focused on his career at Real Madrid and is not currently considering a January exit from the Spanish giants.

After swapping Merseyside for Madrid in the summer of 2025, Alexander-Arnold endured a mixed first season with Los Blancos and has made just two starts in his favoured right-back role so far this term.

The football world has been stunned by reports of Manchester City being found guilty of all but one of the charges against them relating to alleged breaches of Premier League financial regulations.

It has prompted theories over potential punishments for Man City if their expected appeal is unsuccessful.

While a decision on potential sanctions has yet to be reached, a wide range of punishments are said to be on the table, from substantial fines to points deductions or even possibly expulsion from the Premier League.

Were that to happen, where would it leave City's star players?

Well, according to talkSPORT, Erling Haaland and his Man City teammates DO NOT have relegation release clauses in their contracts, meaning the club wouldn't have to let players go on the cheap.

Manchester United are set to join Arsenal and Liverpool in the race for Brentford winger Kevin Schade.

The 24-year-old has attracted attention after impressive performances, starting the season with three goals in seven appearances across all competitions for the Bees.

As a result, several Premier League sides are reportedly monitoring his situation ahead of the January transfer window.

According to CaughtOffside, Arsenal and Liverpool are firmly in the race for his signature, though Man United could emerge as serious contenders in the coming months.

In a boost, potentially, for the trio, there is uncertainty surrounding the German international’s future in west London as discussions over a contracy extension have yet to make significant progress.