The Gunners were able to offload Emiliano Martinez and Henrikh Mkhitaryan on permanent deals in September while a month later Matteo Guendouzi and Lucas Torreira departed on loan.
But forgotten man Mesut Ozil remained at the Emirates along with Shkodran Mustafi and Sead Kolasinac, who have barely featured in the Premier League this season.
Arsenal have been linked with a loan move for Real Madrid playmaker Isco next month, but first of all technical director Edu will attempt to raise funds by moving on those who are surplus to requirements.
One player who is not set to depart is attacker Reiss Nelson, despite failing to play for the club since December 3.
It has been a stop-start campaign for the 21-year-old, who has scored once in eight outings for the Gunners this term. Mikeal Arteta confirmed Nelson had a muscular issue which saw him in and out of training, but not 100 per cent fit.