The January transfer window is now open, with Arsenal continuing to be linked with a host of big names.

The Gunners have endured a torrid first half of the season and have been tipped to bolster their ranks this month - in addition to offloading out-of-favour players - in a bid to turn their campaign around.

Here, Sports Mole rounds up the latest news on possible comings and goings at the Emirates Stadium.

Monday morning's Arsenal transfer talk news roundup:

Arsenal 'reach agreement with Real Madrid over Martin Odegaard loan'

Arsenal have reportedly reached an agreement with Real Madrid over a loan deal for Martin Odegaard.

The Gunners recently waved goodbye to Mesut Ozil, who has now completed a move to Fenerbahce after seven-and-a-half years in North London.

However, with the ex-Germany international having been frozen out of the team this term, Arsenal struggled for creativity until the emergence of Emile Smith Rowe over the festive period.

The Gunners have been expected to bring in a new playmaker during the January transfer window, and according to Fabrizio Romano, a deal has now been reached with Madrid over a move for Odegaard.

Romano claims that a conversation with Mikel Arteta convinced the 22-year-old to move to the Emirates on loan until the end of the season, and the deal will be completed after he undergoes his medical.

Odegaard only made nine appearances for Zinedine Zidane's side during the first half of the 2020-21 campaign, including a mere three starts in La Liga.

Burnley to beat Arsenal to Nathan Collins deal?

Burnley are reportedly ahead of Arsenal in the race to sign Stoke City defender Nathan Collins.

The 19-year-old, who has previously been linked with Manchester United, has made 24 appearances for the Potters during the 2020-21 campaign, including 19 outings in the Championship.

Stoke have allegedly accepted that they will be unable to keep hold of the teenager, though, with a number of Premier League clubs believed to have shown an interest.

According to The Sun, Arsenal are contenders for Collins, but Burnley are set to beat the Gunners to the Republic of Ireland Under-21s international.

The report claims that the Clarets are lining up a £10m offer for the centre-back and could even secure a deal before the January transfer window closes for business.

Collins has a contract with his Championship club until the summer of 2024.

More transfer news from Arsenal:

Mesut Ozil reflects on "amazing journey" at Arsenal
The former Germany international has joined Fenerbahce. Read more.