The Independent say Arsenal could allow Aaron Ramsey to join Juventus this month if they can complete loan deals for Denis Suarez and James Rodriguez.
Talks have taken place over Barcelona midfielder Suarez and the Gunners have also been linked with Colombia star James, who is currently on loan at Bayern Munich from Real Madrid.
However, the Daily Mail say the Suarez deal has broken down because Arsenal could not agree to a future permanent move for the Spain international.
Arsenal have reportedly also failed with an attempt to land Manchester United defender Eric Bailly.
The Mail say Arsenal boss Unai Emery is keen to bring in Bailly and that the Gunners made an approach to take him on loan for the rest of the season.
The Mail say the move was rejected and that Bailly, who fell out of favour under former United boss Jose Mourinho, will be staying at Old Trafford.
United are said to be keen to keep him – and reluctant to let him join a rival Premier League club.
Meanwhile, The Sun say Arsenal want Real Betis defender Aissa Mandi but would not be able to afford the Algerian’s £27m release clause until the summer.
Roma’s Monchi is being considered for the role of Arsenal technical director, according to The Independent.
The Sun, on the other hand, say Arsenal are close to promoting scout Francis Cagigao following head of recruitment Sven Mislintat’s recent departure from the club.