Sources close to the club believe both outcomes will be negative.

And if neither situation improves soon, Wenger will almost certainly try to sign Essien, a 22-year-old Ghanaian midfielder, who has been attracting interest from across Europe with his impressive form for French League leaders Lyon.

He has caught the eye of Gilles Grimandi, the former Arsenal defender who is now the club’s scout in France. Wenger would prefer to wait until the summer to make any move for the player, who is valued at around £17m (€24.2m) by Lyon.

But his hand may be forced by the lack of numbers in midfield. Needing reinforcements for the rest of the season, and with Chelsea, Manchester United and Real Madrid also watching Essien closely, Wenger may have to make his move immediately.

Lyon would like to keep Essien, at least until the end of the season, because they are still in the Champions League. But they have shown in the past that they find big-money offers difficult to refuse – as was the case with Steve Marlet and Steed Malbranque who both joined Fulham.

Arsenal are not usually big spenders in the same manner as Manchester United, Chelsea or even Liverpool.

But their record signing, Spaniard Jose Antonio Reyes, signed a year ago out of the blue for what will amount to £16m (€22.8m) – including appearances and achievements – from Sevilla.

And none of Arsenal’s three potential competitors for Essien would baulk at the asking price.

Lyon signed Essien two years ago in a £6m (€8.6m) deal from Corsican club Bastia after fighting off interest from Paris Saint Germain.