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The January window saw a number of players leave Arsenal, either permanently or on loan, reducing the squad whist, at the same time, significantly reducing the wage bill.
However, the departures might not yet be over. That is because whilst the window has now closed in the rest of Europe, it remains open in Turkey until February 8th.
And now comes suggestions that Fenerbahçe may be about to make a late move to sign Mohamed Elneny.
The Egyptian midfielder is currently away on AFCON duty with his country, the only Arsenal player still involved in the tournament.
He is in the last six months of his deal at the Emirates and has not been offered an extension.
Reports in the Egyptian media claim the Turkish side have already contacted Arsenal to discuss the matter.
Whether Arsenal dare let anybody else go now is another issue entirely, given that their squad is now down to the bare bones.
Andy is an exiled English football fan living in Cyprus. He loves all sports but football is his abiding passion, and he still has dreams every now and then about scoring the winning goal in a Wembley Cup Final, even though his playing days are long gone. He follows most major leagues, across Europe at least, and has a favoured team in each. When he’s not watching, listening, reading or downloading podcasts about football, he spend his time worrying about his beloved Arsenal.