According The Independent newspaper Arsenal manager Arsene Wenger has not yet given up on making a splash in the final week of the summer transfer period despite the financial restraints their club has been hindered by in recent years due to their move from Highbury.

“I don’t want make a promise that I cannot keep. It does not only depend on me. But there still could be some action on the transfer market – ins and outs.” Wenger told “We are working [in the market]. We’ll see what we can do.”

Barring a surprise twist, the most logical signings for Arsenal would likely include Real Madrid midfielder Nuri Sahin, but he is reportedly on the verge of agreeing to a deal with Liverpool.

In the meantime Arsenal may be turning their attention to Rennes midfielder Yann M’Vila and Sevilla winger Jesus Navas.

M’Vila, a 22-year old rising Ligue 1 defensive midfielder is viewed as a potential replacement for Alex Song, who transferred to Barcelona earlier this month and £17 million. Arsenal backed off because of the price for a squad player, however, Song’s transfer has changed their tune. The French international is also being pursued by Manchester City, Tottenham and Manchester United.

However, City’s recent signing of midfielder Jack Rodwell makes M’Vila less of a priority for them as he remains for the Gunners.

Navas is viewed as a potential replacement for 23-year-old Theo Walcott, who is in the final season of his contract. Arsenal is weary about not having insurance behind Walcott in the event he does decide to to put Emirate Stadium on his back heel and kick them to the curb.

The Gunners recently endured a summer-long back and forth with Dutch striker Robin van Persie, who ultimately ditched Arsenal for Manchester United after the club stayed committed to him during the injury-plagued periods of his career.

According to The Daily Mail, Navas has a £35 million buyout, however, Sevilla would be willing to accept half of that amount from an interested club. Unfortunately for Arsenal, Navas suffers from chronic homesickness and is extremely weary about the possibility of leaving the club that is based in the province he was born in. Navas has been a member of Seville’s first team since 2004 and in that span has established himself as one of the craftiest midfielders in La Liga.

The 26-year-old Spanish winger lacks the blazing speed and upside that Walcott has teased Arsenal fans for years with but he is a proven commodity having won 21 caps for Spain since 2009. Navas is also renowned for his quick dribbling and his technical skill, which is an area in which Walcott is lacking. In the short term, he would likely be a superb sub but in the long-term he would be the next starting winger for the Gunners.

While Navas is superior to Walcott in many different facets, he does not possess Walcott’s innate goal scoring ability. In 248 career appearances, Navas has scored 23 goals while Walcott, who is four years younger and entering his prime has scored 26 in 150.

However, the speculation surrounding Navas may become moot if Arsenal is able to sign Theo Walcott to a new contract.

According to The Daily Mail, Wenger believes that a contract extension can be agreed upon.

“We try to sort it out, and we will try to sort it out one way or the other,” said Wenger on Friday. “We want to extend his contract, and to keep him at the club. His desire is also right, he wants to stay and we need to find an agreement.”

If Wenger does plan on making any final roster adjustments, he doesn’t have much time before the transfer window slams shut next Friday, Aug. 31 at midnight.

What players should Arsenal be concentrating on in the final weeks of the summer transfer period?