Haven't read much of the previous comments, nor do I believe the first two will happen:
Yoann Gourcuff (Bordeaux)
Defender - 23 years old
[The Sun]
The Sun has suggested Arsène Wenger is interested in bringing Yoann to Emirates Stadium. They report that the 23-year-old Bordeaux midfielder has a get-out clause in his contract making him available for £21.8m. Gourcuff spent time with Milan and is likely to play a major role for France at the World Cup.
Joe Cole (Chelsea)
Midfielder - 28 years old
[Daily Mail]
The Mail follows up a previous story over the weekend by suggesting Arsenal may move for Joe Cole. The midfielder, who is hoping to be announced in Fabio Capello's England squad later today, is available on a free transfer. However the story also says Manchester United and Tottenham are interested too.
Nick Powell (Crewe Alexandra)
Midfielder - 16 years old
[News of the World]
Over the weekend, the News of the World reported that Arsenal may move for Crewe's Nick Powell after the England Under-16 midfielder impressed scouts.
(Taken directly from Arsenal.com)