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.

Wednesday morning's Arsenal transfer talk news roundup:

Mesut Ozil 'taking £283k-a-week pay cut to leave Arsenal'

Mesut Ozil has reportedly agreed to a substantial drop in wages to complete his move from Arsenal to Fenerbahce.

The long-serving playmaker is set to leave the Emirates Stadium in the coming days on a free transfer.

Former Germany international Ozil, who was due to be out of contract at Arsenal in the summer, is in Turkey to finalise terms.

According to Spanish outlet AS, Ozil is to sign a three-and-a-half-year deal which is worth £3.5m a year, or around £67,300 a week.

That is a big decrease on the £350,000-a-week salary that he was earning in North London, where he has spent the past seven-and-a-half years.

However, the same report suggests that the 32-year-old is in line to earn various performance-related bonuses, including a £445,000 payment if Fenerbahce win the Super Lig title.

Emile Smith Rowe 'set for new Arsenal contract'

Arsenal starlet Emile Smith Rowe is reportedly set for a new and improved deal following his breakthrough in Mikel Arteta's side.

The 20-year-old has become a nailed-on starter for the Gunners after several confident displays in the number 10 role, where he has contributed one goal and three assists in the Premier League and FA Cup since Boxing Day.

Smith Rowe still has two-and-a-half years left to run on his current Arsenal contract, but the playmaker reportedly earns a modest wage of £15k per week in North London at the moment.

According to the Daily Mail, Arsenal will reward Smith Rowe's performances with a new long-term deal worth £40k per week, and the Gunners are confident that he will pen fresh terms.

Despite Smith Rowe's recent emergence, the Gunners are supposedly still interested in a deal for Norwich City playmaker Emiliano Buendia, with Mesut Ozil in Turkey to finalise a move to Fenerbahce.

Smith Rowe has also made a trio of appearances in the 2020-21 Europa League, bagging one goal and two assists in continental competition.

More transfer news from Arsenal:

Fenerbahce 'to announce Mesut Ozil signing on Saturday'
Fenerbahce reportedly prepare to announce the signing of former Arsenal midfielder Mesut Ozil on a free transfer this Saturday. Read more.

Arsenal boss Mikel Arteta: "Mesut Ozil's quality will be missed"
Mesut Ozil is a "special player" who will be missed once he joins Fenerbahce, according to Arsenal manager Mikel Arteta. Read more.

Report: Arsenal given hope in pursuit of Barcelona goalkeeper Neto
Barcelona goalkeeper Neto reportedly remains a target for Arsenal with two weeks of the January transfer window to go. Read more.

Arsenal, Leicester City to battle over Porto midfielder Otavio?
Arsenal and Leicester City are weighing up a move for Porto midfielder Otavio, according to a report. Read more.

Paris Saint-Germain considering move for Arsenal defender Hector Bellerin?
Paris Saint-Germain are reportedly contemplating whether to launch an approach for Arsenal defender Hector Bellerin. Read more.