If so, here are four possibilities, some more likely than others.
Navas could become Arsenal's second Spanish signing of the summer and even though the winger has a £35 million buy-out clause in his contract, his club Sevilla are said to be willing to accept a bid for half that amount. Navas, who has made 21 appearances for his country, scoring in Spain's last group game at Euro 2012 against Croatia, netted five times in La Liga last season made 12 assists. If Wenger was to swoop for the winger then it would give Arsenal one of the most creative midfields in the league, with the likes of new signing Sanit Cazorla and Mikel Arteta already at the Emirates and that's before mentioning the injured Jack Wilshere. Although the Gunners' strike-force is currently being criticised by most, there's no doubt the firepower is there and if Navas was to sign then expect a definite increase in goals.
Hatem Ben Arfa
It would take a huge bid, but Arsenal can offer Hatem Ben Arfa something Newcastle cannot; Champions League football. The tricky playmaker is a different type of player to Walcott, relying less on his speed, and more on his ability with the ball. He scored at the Emirates last season in Newcastle's 2-1 defeat, and had a terrific 2012, bagging two goal of the season contenders. He has started this campaign in fine form too, winning and scoring the winner against Tottenham. Chelsea and Arsenal have both been linked this summer, but it would take an offer of around £25 million for Mike Ashley to consider selling up. If Arsenal were to sell Walcott, their net spend on this deal would be dramatically reduced, and it is certainly worth their consideration.
The Manchester United man has somewhat fell down the pecking order at Old Trafford with a whole host of midfielders being selected in front of him, including new signing Shinji Kagawa and England's Tom Cleverley. For Saturday's 3-2 win over Fuham, the Portuguese was completely dropped from the squad as the uncertainty regarding his future continues. Nani's poor run of form at the end of last season and woeful display during United's opening day-defeat to Everton have scuppered any chance of him signing a new contact with the Red Devils at the moment. After Sir Alex Ferguson said he will let him leave for £25 million, reports today say that Nani is being lined up for a £22 million move to Zenit Saint Petersburg - a price after the sales of Robin van Persie, Alex Song and potentially Walcott, Arsenal could afford. The obvious stumbling blocks with Nani though would be his excessive wage demands, whether Sir Alex would sell to a rival, and the Arsenal fans' opinion of the winger - we'll leave it there.
Who? Serge Gnarby is a German youth international who signed for Arsenal on scholarship terms from Stuttgart in 2011 and within a year, he signed his first professional contract. Gnarby was recently invited by Wenger to join Arsenal at their pre-season training camp in Germany and he played just over 20 minutes in the Gunners win over FC Cologne - this chance came after he scored six goals in eight games for the under-18s and twice more in six games for the reserves. The 17-year-old was a keen sprinter in his school days and is capable of playing out wide or in an advanced midfield role. The youngster is expected to be fast-tracked into the first-team squad if Walcott leaves the club.
image: © Ronnie Macdonald