Wednesday's Arsenal transfer talk news roundup: Martin Odegaard, Shkodran Mustafi, Mesut Ozil

The January transfer window is now open, with Arsenal continuing to be linked with a host of big names.

The Gunners have endured a torrid first half of the season and have been tipped to bolster their ranks this month - in addition to offloading out-of-favour players - in a bid to turn their campaign around.

Here, Sports Mole rounds up the latest news on possible comings and goings at the Emirates Stadium.

Wednesday morning's Arsenal transfer talk news roundup:

Real Madrid's Martin Odegaard 'completes Arsenal medical'

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Real Madrid playmaker Martin Odegaard has reportedly completed his medical at Arsenal ahead of a loan move to the Emirates Stadium.

The Norway international was given the green light to head out on loan after struggling for game time under Zinedine Zidane, and Arsenal appear to have won the race for his signature.

Odegaard was linked with a temporary switch back to Real Sociedad in the January transfer window, but Sky Sports News now reports that he has completed a medical at Arsenal ahead of a six-month loan deal.

It is understood that the deal does not include an option to buy as Real Madrid chiefs are convinced that he will eventually come good in the Spanish capital.

The 22-year-old's arrival in North London will supposedly be announced within the next 24 hours, with Arsenal due to take on Southampton in the Premier League on Tuesday evening.

The Gunners have been on the lookout for a new creative player after terminating the contract of Mesut Ozil - who has now joined Fenerbahce - and Mikel Arteta's side are supposedly still interested in a summer deal for Norwich City's Emiliano Buendia.

Shkodran Mustafi in talks over ending Arsenal contract early?

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Arsenal defender Shkodran Mustafi is reportedly in talks with the club over the early termination of his contract.

The 28-year-old, who has been used just three times in the Premier League all season, is due to be out of contract in the summer.

football.london reports that Mustafi is set to become the next player to leave Arsenal this window, with the German close to becoming a free agent.

It is claimed that Mikel Arteta sees no place in his squad for the defender, having left him out of his travelling party for Saturday's FA Cup loss at Southampton.

Clubs from Germany and Italy are said to be monitoring Mustafi's situation, with Lazio among those waiting to pounce.

Sead Kolasinac and William Saliba have been loaned out by the Gunners this month, while Sokratis Papastathopoulos had his contract terminated and Mesut Ozil joined Fenerbahce on a free.

More transfer news from Arsenal:

Shkodran Mustafi's father denies claims Arsenal could terminate contract
The father of Arsenal outcast Shkodran Mustafi rubbishes reports claiming that his son is in talks to terminate his Gunners deal this month. Read more.