The Gunners have already sanctioned loan deals for Sead Kolasinac to join Schalke and for William Saliba to spend the rest of the season at Nice.
And manager Mikel Arteta admitted at the start of the month: "There are some players who will go on loan or leave and that is the priority at the moment."
So who else will soon be bidding farewell to North London?
Here are a look at five players who could well be on their way in the near future.
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Surely the player who has taken up the most column inches this month.
The Mesut Ozil saga looks to finally be reaching its conclusion, with a move to Turkish side Fenerbahce seemingly closer than ever.
The German midfielder certainly did little to play down a move during his Twitter Q&A on Monday, admitting he grew up as a Fenerbahce fan and comparing them to Real Madrid.
With his agent currently in talks with both them and DC United, it seems only a matter of time before Ozil finally closes the curtain on a true rollercoaster of a spell at Arsenal.
Runar Alex Runarsson
Alex Runarsson was signed in the summer as a backup goalkeeper for No.1 Bernd Leno following the departure of Emiliano Martinez to Aston Villa.
The Icelandic international has failed to impress so far, however, and was far from convincing in his last appearance in the 4-1 Carabao Cup quarter-final defeat to Manchester City.
There is speculation that he could be moved on just four months after joining the club, with Arteta reportedly prepared to let him go on loan to a Championship club to gain some valuable playing experience.
And it could pave the way for Arsenal to sign another new 'keeper, with Arteta confirming his interest in doing so recently.
Greek centre-back Sokratis has fallen down the pecking order and has yet to make an appearance all season.
It is believed the 32-year-old has no future at the Emirates and looks almost certain to have played his last game.
It is thought Spain is the most likely destination for Sokratis, with Real Betis showing the strongest interest so far.
And Arsenal are said to be happy to let him leave for free in order to get his mammoth £92,000-per-week wages off the bill.
Another centre-back who is now deemed surplus to requirements is Shkodran Mustafi.
The German was strongly linked with a move away in the summer, but in the end, nothing materialised.
He has since made just three Premier League appearances, however, and is another who Arsenal want to get off the wage bill.
It has recently been reported that Mustafi has turned down a move to Italian side Genoa, however, and it may be more difficult than first thought to find a potential suitor for the 28-year-old.
His contract is due to expire in the summer, meaning this is the last opportunity Arsenal have to recoup some of the £35m they splashed out on him in 2016.
The third and final unwanted defender at the Emirates is something of a forgotten man.
Calum Chambers made his first appearance in almost a year in December when he returned from a serious knee injury to come on as a substitute against Rapid Wiena in the Europa League.
Yet since then he has only appeared once more against Dundalk, and the best thing would surely be a fresh start.
The likes of West Ham and Leeds have expressed an interest in the past, and it remains to be seen who comes in for him in the coming weeks.