However, the Gunners' biggest contender in January was expected to be Barcelona, as manager Luis Enrique looks to fill the void left behind by Pedro's departure.
But the club's vice-president Susana Monje has backed claims in Spanish newspapers AS and Mundo Deportivo that they will be 'prudent' in the coming transfer window.
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Nolito is reportedly a target for Arsenal, Chelsea and Barcelona
"We can sign and shall make an effort to do so, but we have to be prudent," she told Mundo Deportivo.
"The club has made profits, it is solid and that means we can cover the players' salaries.
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"FC Barcelona is financially in very good health. This is the best moment ever in the history of the club.
"There is still potential to generate even more income but things are on the right track. We shall continue to reduce the debt and capitalise the club."