Theo Walcott could be set for a return to Southampton.
The Mirror report that Southampton are willing to meet his £140,000-a-week wages after recently coming into money, but it is unclear whether the deal would be a loan or permanent.
But they will face stiff competition from Everton and West Ham.
It is also suggested that the Saints are tracking Celtic’s Moussa Dembele.
The 21-year-old has been in fine form north of the border netting eight goals in 20 games.
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Celtic's Moussa Dembele is also targeted by the Saints.
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The Mirror add that Celtic would let Dembele go for more than £20m, but Arsenal, Chelsea and Paris Saint-Germain are also circling the youngster.
Since selling Van Dijk to Liverpool, Mauricio Pellegrino has outlined his January plans.
“Obviously, we don’t have this money to go to the market to bring the best players in the world, but we have got our targets that we want to bring in with this money,” he said.
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Walcott started his career with Southampton.
“We were (the board) talking about the couple of targets that we got. I would like to bring a couple of players minimum and we have to work for this.”
Walcott moved to the Emirates Stadium from Southampton for £12m in 2006 after becoming their youngest ever player.
And his return could now be in the pipeline when the window reopens in four days’ time.