Top of the list is Schalke striker Klaas-Jan Huntelaar who could be available for a cut-price £6 million deal in January. The Gunners have watched the Dutch striker three times already and have also tried to sign him before.
Huntelaar, 29, will be brought in as a replacement for Robin van Persie. Wenger, who is also eyeing moves for Adrian Lopez, has sufficient funds to buy players when the transfer window re-opens.
Meanwhile, Liverpool and Tottenham are also keeping tabs on the 29-year-old. The Dutch ace could also leave for a lucrative free transfer at the end of the season.
However, Wenger is also on the look out for a goalkeeper with Liverpool No. 1 Pepe Reina as his first choice. Wenger is planning to make a £10 million for the Spaniard after losing Wojciech Szczesny at the start of the season.
Third-choice stopper Vito Mannone failed to live upto the expectations as Arsenal are currently 10 in the league standings with 21 points in 15 games.
Theo Walcott could leave the Gunners after rejecting a new contract with the club and Wenger is keen on signing a replacement in Wilfried Zaha from Crystal Palace. Wenger could use the funds from Walcott's sale to sign Zaha, who is valued at around £9 million.
Meanwhile, club legend Thierry Henry could return to north London for his third spell.