The transfer window may be closed, but rumours and speculation continue to swirl as Arsenal eye possible January reinforcements.

The Gunners spent more than many expected during the summer - most notable their club-record purchase of Nicolas Pepe - and could look to further strengthen their squad when the window reopens.

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

Sunday morning's headlines:

Arsenal 'leading race for Chris Smalling'
Manchester United centre-back Chris Smalling is a transfer target for Arsenal, according to a report. Read more.

Real Madrid 'must raise £84m to avoid Financial Fair Play punishment'
Real Madrid reportedly need to generate more than £84m this season to avoid a Financial Fair Play punishment, affecting their chances of signing Man United's Paul Pogba. Read more.

Real Madrid to offer Arsenal Luka Jovic in Pierre-Emerick Aubameyang deal?
Real Madrid are reportedly considering using 21-year-old striker Luka Jovic as a makeweight in any deal for Arsenal forward Pierre-Emerick Aubameyang in January. Read more.