When it comes to etching out Christmas lists, you get the impression that Arsenal fans never hold particularly high hopes of having a stocking full of new players at the Emirates Stadium. Arsene Wenger isn’t quite Scrooge, but the January window isn’t traditionally his favourite time of the year. But this season, it could be a little different.

After a tepid start to the new Premier League season, the Gunners have slowly grown in both form and composure and despite a hiccup at home to Chelsea last month, they’ve shown enough to suggest that the doom mongers could be on a staple diet of humble pie come next May. But for all their promise so far, it could be events in the January transfer window, that make a difference to their final standing in this league.

Their standing of seventh in the league of late, is slightly deceiving, given that they’re only three points second placed Manchester United, boasting an identical goal difference as well. With their next three league games coming against the three teams currently propping up the rest of the Premier League, you get the impression that they could find themselves entering mid-November on the back of some real, sustained momentum.

Of course, it’s as difficult to look to the crystal ball to predict whether Arsenal will necessarily even pick up three points in those three games, let alone quite how much the squad will be ravaged by injury. But there is a feeling bubbling under the surface, that the Gunners might not be quite a million miles off the league’s summit after all, come the turn of the calendar year. It’s then, that we’re offered some interesting questions indeed.

Because it’s the biggest open secret if football, or perhaps the obvious fact around with the aid of some basic mathematics, that the club are sitting on a sizeable amount of cash at the Emirates. Take your pick as to quite how much that is, but Arsenal’s most recently reported January war chest, stands at a cool £35million (most likely including wages). Of course, that figure remains something of a ballpark one, higher or lower, it’s there to be spent. The key issue here is, if Wenger fancies spending it. And if recent history is anything to go by, you wouldn’t expect Mrs. Wenger has to worry about sewing up any holes in his pockets burnt by all the loose change.

The notion of Wenger spending big in January, has been somewhat derided, by some fans and pundits alike. Indeed, former Highbury legend Frank McClintock recently said that the Frenchman would probably “have a heart attack before he goes and does something like that (spends £35million).”

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But on such fine, fine margins, are Premier League fates decided. The Arsenal squad at the moment looks very polished indeed. Despite the defensive woe induced at home to Chelsea, the Gunners have exhibited a new defensive steel, galvanized by the duo of Per Mertesacker and Thomas Vermaelen. In midfield, the mercurial Santi Cazorla has thrown his hat in as an early player of the year contender, Gervinho is currently enjoying a great purple patch and Lukas Podolski is continuing his prosperous adaptation to English football.

Not too bad when you think Bacary Sagna, Tomas Rosicky and of course, Jack Wilshere, are yet to return. But if we go back to the prevalence of fine margins within this league and the difference they can make, you can’t help but feel that January brings with it a real, genuine opportunity for the club to really lay their cards on the table and go on to push for something special.

For example a look across the spectrum of versatility that is Arsenal’s attacking unit, gives a whole variety of options. But perhaps Wenger’s only real, natural, and central frontman that he has to pick from, is that of Olivier Giroud. The Frenchman needs time, he needs to be backed and he has every chance of succeeding in this league. The state of injury will play a part in Wenger’s decision to dabble in January, but why not bring another, more traditional striker in?

What would a Fernando Llorente do to a potential title run? A no doubt more expensive option, but you couldn’t see Fiorentina's Stevan Jovetic doing too much damage. These aren’t pipe dreams and the Gunners have the financial firepower to bring them in to the red half of North London.

Of course Wenger could cave into Theo Walcott’s demands to play more centrally and who knows, the Englishman could well take to it like a duck to water. But Wenger has the resources to bring in a far, far superior option. No one wants to spend money for the sake of it, but could the difference between playing a Llorente or a Walcott up front be one that divides a title run from Champions League qualification? There are many variables to consider, but it would well be.

The January market is fraught with danger and overinflation but it can also produce a bargain or two as well. Wenger may be unlikely to stray from his principals too much and he currently boasts a superbly talented squad. But if he feels that a new addition - not just a striker but in any position – could make the smallest of differences, he must be bold. If the initiative is there to be seized in January, the Frenchman must take it with both hands. If that means spending a million or two more, then so be it.

Do you think Arsene Wenger should push the boat out in January? Or do you feel the squad will be just fine without plunging into the January window for reinforcements? Let me know what you think on Twitter: follow @samuel_antrobus and bat us all your views.