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Arsenal boss Arsene Wenger never usually likes to put his hand in his pocket but according to the Sunday papers he could be set for a spending spree.

With rumours of a potential swoop for Newcastle midfield man Yohan Cabaye refusing to go away, a pair of Benfica starlets are the latest names to be linked with a New Year move.

Goncalo Guedes and Joao Nunes have stood out for the Portuguese giants this season as part of their successful youth set up, but could now be set for moves to the Premier League with Manchester United also rumoured to be circling.

In moves the other way German winger Serge Gnabry could be set for a loan move away from the Emirates with Wigan a possible landing spot.

Here's our round-up of everything Gooner related from the Sunday papers and the latest breaking news from around the web too.

Sunday's Arsenal transfer stories from the Sunday Mirror

Wenger always has a close eye on the best up and coming youth in world football and it appears that hasn't changed as he prepares to step up his chase of two highly-rated youngsters.

Benfica pair Goncalo Guedes and Joao Nunes may not get Gunners fans salivating into their cornflakes like Mesut Ozil's sensational deadline day signing did in the summer.

But the two are highly rated and have been watched by the North Londoners as they weigh up a summer move.

Guedes, a 17-year-old winger, has been a star in the club's Youth League campaign scoring twice, while 18-year-old defender Nunes has played every minute of the competition so far.

Manchester United are monitoring the duo while French moneybags Paris Saint-Germain and Monaco are also known admirers.

Sunday's Arsenal transfer gossip and rumours from other newspapers and websites

Passing them through the doors at London Colney could be German starlet Serge Gnabry, with a potential loan move away on the cards.

(Image: Alex Livesey)

The 18-year-old has made only two Premier League starts and Wigan could provide a safe haven, and some playing time, for the promising youngster, according to the Sun.

Wenger remains to keep hold of the Under-19 international but a spell in the Championship could be just what the young winger needs to aide his development.

Czech midfielder Tomas Rosicky could be another through the exit door at the Emirates, with the 33-year-old reportedly eyeing up a move to the MLS.

According to the Express, Rosicky has all but decided to end his seven-year stay in North London, but the man himself seems less sure.

"I would like to carry on at Arsenal but there are a few question marks," he said. "If I should leave, then I would be tempted to play in the USA.”

In terms or new faces the Daily Mail reports Real Madrid striker Alvaro Morata is back on Wenger's radar.

Despite rumours that Wenger had been warded off the idea, the paper suggests the Gunners will swoop for the Spanish Under-21 international on loan until the end of the year.

Olivier Giroud has ploughed a lone furrow up top for the Wenger's men and could use a backup to share the workload.

Madrid boss Carlo Ancelotti has only used the 21-year-old sparingly and it is understood they would be happy for him to get some game time under his belt in North London.

Rumoured target Hakan Calhanoglu is less likely to be a Arsenal player anytime soon though, reportedly preferring to link up with former Manchester City boss Roberto Mancini at Galatasaray.

In an interview with Turkish television the Hamburg midfielder is reported to have said: "My heart beats yellow-red. There are talks with Galatasaray.

"I hope that I can work with Roberto Mancini together one day, because he is a great coach."

For all the latest Arsenal transfer news click here.