The Gunners were targetting Dusan Vlahovic this whole January but the Serbian has joined Juventus on a five-year deal.
This leaves Arsenal to very limited options in the market with Dominic Calvert-Lewin suggested as a perfect alternative.
Calvert-Lewin has three and a half years left on his contract with Everton.
Former Gunners Nigel Winterburn believes the Everton striker would fit perfectly at Arsenal.
He said to Metro: “Arsenal need a striker who could potentially score 20 league goals a season. I know Calvert-Lewin has been mentioned and I have spoken to people who think he would fit perfectly and score those goals in an Arsenal team.
“The question is: Do Everton want to sell? Isak has been mentioned as well, so whatever you do there’s always an element of risk that comes along with it.
“The only conclusion I can make is that we definitely need a striker, and this problem isn’t going to go away because we’ll need one for next season anyway. Whenever we can get one in this transfer window remains to be seen.”