The Daily Mail reports that the beleaguered Gunners boss will be allowed to use a big chunk of the £150 million recently brought in by the new shirt sponsorship deal - and the name at the top of his shopping list is Klaas-Kan Huntelaar.
Wenger has made "a firm decision" to bid for the Schalke striker, who has just six months left on his contract and should therefore be available for £6m. The player himself is said to fancy a move to north London now that his nemesis and fellow Dutchman Robin van Persie has left. The two do not apparently get on.
The Mail's report adds that Huntelaar is just the start: Arsenal will also try to bring Thierry Henry back on loan once again, Crystal Palace will be offered a starting bid of £9m for England winger Wilfried Zaha, and Liverpool goalkeeper Pepe Reina will also be targeted.
The Sun also claims that Arsene Wenger is to splash the cash next month, claiming that the side will try to activate the £7.5m release clause in Newcastle striker Demba Ba's contract.
Toon boss Alan Pardew has revealed that the clause will be in force in the January window, despite the club's efforts to try to get Ba to agree a new deal that removes it.
Ba is apparently holding out for more money, something which would be on offer at The Emirates: the Sun claims Arsenal will dangle £60,000-a-week in front of the French-Senegalese striker - big money for a player who is about to disappear for a month on African Cup of Nations duty.
The Daily Mirror's back page also leads on Arsenal: "Everybody hates us" is their headline, based on widely-reported quotes from the Gunners boss that it is "fashionable" to be down on the side at the moment, but that they are in "fantastic shape". A quick glance at the league table suggests otherwise: the Gunners are only just in the top half.
The Sun reports bad news for Manchester United on a long-standing target: the Red Devils have apparently been warned off making an approach for Poland and Borussia Dortmund striker Robert Lewandowski by the German side's manager Jurgen Klopp.
But The Guardian reports that United have been boosted in their hopes of bringing in Inter Milan's Wesley Sneijder after the Dutch midfielder's latest contract talks stalled.
Inter have been asked Sneijder to accept a voluntary pay cut from his current £180,000-a-week, something which he is upset about - and could even lead him to force a free transfer citing breach of contract.
The Guardian also adds that both United and Manchester City have been contacted by the Dutchman's representatives to get talks going about a potential switch.
Chelsea striker Daniel Sturridge is asking for a whopping £80,000-a-week to agree a move to Liverpool in January, according to the Daily Mirror.
The 23-year-old - who played for Britain at the Olympics - is also apparently demanding that he be deployed only in a central attacking role rather than being put out on the wing. The Mirror's headline - Sturr Crazy - says it all.
Chelsea will not be the only club trying to persuade Pep Guardiola to take over as manager in the summer: Qatari-backed Paris St Germain are also trying to persuade the former Barcelona manager to step un. The Daily Mirror claims that Guardiola is already in talks with the French side, who have slipped off the pace in the Ligue 1 title race in recent weeks.
And finally, a week after Arsenal sparked exit talk over Theo Walcott after leaving him out of their 2013 calendar, Manchester United have done the same thing with Portuguese winger Nani.