With Chelsea out of the picture, Manchester United lagging behind and Manchester City still some way short of their best form, the current campaign represents Arsenal's greatest chance of winning the Premier League title pretty much since their last one way back in 2004.
Yet the Premier League is the most chaotic and unpredictable top flight in world football - evident enough through Leicester City suddenly finding themselves in the mix to claim the English crown - and nothing comes with a guarantee.
And despite the Gunners boasting top spot in the league table, a lack of firepower could ultimately let them down. Leicester, City and Spurs have all scored more than them this season and although Olivier Giroud has picked up plenty of praise for his recent scoring form, no other Arsenal star has netted more than six times in the league thus far.
So if the north Londoners are to ensure they make the most of this season, the addition of some extra firepower before the close of the January transfer window certainly wouldn't go amiss. With that in mind, here are FIVE forwards who could fire them to the Premier League's top prize.
RIYAD MAHREZ
The superlative form of Riyad Mahrez has been one of the stories of the season in the Premier League and arguably the biggest influence behind Leicester City's unexpected rise to second in the table.
Indeed, the 24-year-old has bagged 13 goals and seven assists in 20 starts this term - making him in some way responsible for one goal per outing - whilst ranking fourth in the division's dribble charts with 3.2 successful take-ons per match.
A creative influence with impeccable close control and penetrative pace, the Algerian international appears a particularly good fit for Arsenal's technically-demanding philosophy.
The only problem, however, is convincing Leicester to sell - especially considering they're currently behind the Gunners on goal difference alone. But a bid around the £30million mark would certainly test the Midlands outfit's resolve and Mahrez seems worth that kind of investment.
JAVIER HERNANDEZ
A host of Premier League clubs have been linked with former Manchester United striker Javier Hernandez over the last few weeks - including Arsenal - and it's not hard to see why.
The former supersub is flourishing now that he's starting on a weekly basis with Bayer Leverkusen, notching up 19 goals in 22 appearances across all competitions since his £7.4million move from Old Trafford.
That includes five goals in the Champions League's group stages and eleven strikes in the Bundesliga - which saw him pick up the division's Player of the Month award for November.
A supremely natural poacher who has a knack for being in the right place and the right time, the Mexico international represents a kind of a striker Arsenal don't currently have.
Of course, Bayer will be incredibly reluctant to part with the 27-year-old after just six months. But any bid doubling the Bundesliga outfit's original investment could soon convince them otherwise.
PIERRE-EMERICK AUBAMEYANG
Another Bundesliga striker known to be on the Arsenal radar is Pierre-Emerick Aubameyang, who is amid quite the season at Borussia Dortmund.
Indeed, the Gabon international has netted 27 times in as many appearances for Thomas Tuchel's side this season - including 18 strikes in the Bundesliga - to bring his Black-Yellows total to 68 goals in 119 appearances since signing from St. Etienne in summer 2013.
In addition to his proven firepower, it's the 26-year-old's speed and power, making him one of European football's most potent threats on the counter-attack, that has often seen him mooted as an ideal fit for the Premier League game.
Dortmund's valuation reportedly stands at £42million, which should be within the Gunners' financial reach. But Aubameyang has continually insisted that he'll be staying on at Westfalenstadion until at least the end of the season.
NOLITO
Nolito has been linked with an Arsenal move for months and the Celta Vigo star would certainly be an interesting addition to their attack.
The Spain international isn't an out-and-out striker but boasts a prominent scoring record from the left flank, netting 35 goals in 86 La Liga appearances since arriving from Granada in summer 2013.
That includes eight goals and five assists in 15 league outings this term, whilst averaging an impressive 2.9 created chances and 2.4 successful dribbles per match.
Of course, Alexis Sanchez usually finds himself on the left of the Gunners' attack but the 29-year-old would add enormous depth to Arsene Wenger's forward options for the rest of the season, providing an alternative to the likes of Joel Campbell and Theo Walcott.
Rated at around £14million, Nolito is probably the best-value-for-money suggestion on this list. The only problem, however, is that Barcelona are also reportedly courting the in-form winger-forward.
EDINSON CAVANI
PSG boss Laurent Blanc not-so-subtly hinted earlier this month that he wouldn't mind seeing the back of Edinson Cavani and the Uruguay international is known to have taken Arsenal's interest before.
He's probably not a striker you'd describe as world-class, evident enough through him being constantly overshadowed by Zlatan Ibrahimovic, but there's no doubting the 28-year-old's scoring credentials.
Indeed, Cavani bagged 104 goals in 138 appearances for former employers Napoli and has netted 69 times in 120 outings - including 10 Ligue 1 strikes this season - since moving to Parc de Princes for a whopping £55million in summer 2013.
Some might argue he and Olivier Giroud are a little too similar in style. But having both to choose from for the remainder of the campaign would guarantee the Gunners a physical centre-forward in every fixture between now and May.
Furthermore, the 6 foot South American's contract is set to expire in eighteen months and with PSG already 21 points clear at the top of the table, they might be prepared to let him leave on the cheap.