WHAT Arsenal do in the current transfer window could be the difference between chasing Liverpool or seeing another title end in heartbreak.
The Gunners are so close to a first Premier League title since 2003-04.
Maybe all it takes is one missing piece, one new player who can turn a game around and turn one point into three.
And now it's time to bring them in.
But who should they look for, can they get them, and does Mikel Arteta even have the finances to bring in the players he wants?
We answer all these questions and look at how the Gunners – in an ideal world – might line up the day after the transfer window closes.
What does Arsenal need?
Before the recent injuries to Bukayo Saka and Raheem Sterling, all eyes were on the left wing position, with competition needed from the likes of Gabriel Martinelli and Leandro Trossard.
There is a view within the club that they need a world-class talent on the left to match that of Saka on the right, who has scored nine goals and 13 assists in all competitions so far this season.
By comparison, Martinelli and Trossard have combined for ten goals and five assists this season.
But with Saka potentially out until at least mid-March following hamstring surgery, and substitute Ethan Nwaneri also suffering a muscle injury in the 1-1 draw against Brighton, priorities may have changed.
Coverage on the right wing now seems more urgent.
The attack in general has been criticized this campaign, despite the upturn in form from Gabriel Jesus and the steady consistency of Kai Havertz.
Boss Mikel Arteta has suggested that signing a top number 9 would not solve all their problems, but it would give them a great chance of chasing Liverpool at the top.
Elsewhere, Arsenal appear to be in good form, with numbers in defence, while right-back Ben White is eyeing a return from knee surgery later this month and there are plenty of options in midfield.
The absence of skipper Martin Odegaard underlined the need for a back-up playmaker, but that will likely be looked at in the summer rather than this month.
Who is the perfect purchase?
Arsenal and Arteta have been long-time admirers of Athletic Bilbao's Nico Williams.
Primarily a left winger, the 22-year-old can also play as a right-footer on the right and has become one of Europe's most talented and sought-after young players.
In December 2023, the Spaniard – who was Man of The Match in the European Championship final against England last summer – signed a new four-year contract until 2027.
With a reported release clause of £48 million, the youngster appears to be good value for money at the moment.
However, most of Europe is interested in Williams, including Barcelona, ​​who almost lured him to Camp Nou five months ago.
And Williams is also having a great time at his youth club Bilbao. He said in August: “I had many clubs to choose from, but my heart is with Athletic Club, I have a contract and I am very happy in Bilbao.”
And then there's Alexander Isak, another player that Arsenal and Arteta are big fans of, especially given his form this season of thirteen goals and four assists in eighteen Prem appearances.
Price is a major sticking point. The Toon values ​​the Swede at £150 million – a fee the Gunners are unlikely to pay out in the middle of a campaign.
Who is more realistic?
This is not a market for 'realistic' purchases, especially in winter attack areas.
Wolves' Matheus Cunha has been named, but the Brazilian is close to signing a new contract. Atalanta's Ademola Lookman has also been eyed, but at a valuation between £50m and £60m.
Sporting Lisbon striker Viktor Gyokeres has been on Arsenal's radar for some time, but could cost between £60m and £80m. Manchester United and former Sporting boss Ruben Amorim are also monitoring the big Swede's situation.
Red Bull Leipzig's Benjamin Sesko was monitored last summer due to his £54m release clause, but that has now been scrapped following his one-year contract extension.
How are the finances?
Arsenal spent just under £70m on defender Riccardo Calafiori and midfielder Mikel Merino in the summer, as well as £27m to confirm the signing of David Raya following his loan from Brentford last season.
But they also made money back in sales with an initial £70 million from Emile Smith Rowe, Eddie Nketiah and Aaron Ramsdale. So there is money that can be spent if necessary.
Arteta said last week that they had done all their transfer preparations and were ready to move for the right move at the right price.
However, the club – as they normally do in January – will be cautious, especially following the recent departure of sporting director Edu, a position they are not expected to fill permanently until the end of the season.
Could someone be on their way out?
Defender Kieran Tierney's contract is set to expire in the summer and is expected to come to an end, with Celtic hoping to bring the Scot back home in the coming weeks.
Centre-back Jakub Kiwior has also been linked with a move away after just two years in north London, but Arsenal will only sanction a move if they can replace the Pole.
Then there is the situation with Thomas Partey and Jorginho. Both midfielders will see their contracts expire this summer.
Arteta would ideally like to keep both but wants to wait to discuss new deals until later in the season.
It is highly unlikely that the couple will leave this month.
If all went to plan, how might Arsenal line up after the January window?