Arsenal will save for Declan Rice transfer rather than panic buy in January after Chelsea’s Mykhailo Mudryk hijacking

ARSENAL will not be panicked into spending big this month despite being gazumped by Chelsea in the race for Mykhailo Mudryk.

Manager Mikel Arteta is still keen to reinforce his squad during the current transfer window.

PAArsenal are keen on West Ham captain Rice[/caption]

GettyThe Gunners were beaten to Mudryk by rivals Chelsea[/caption]

And missing out on Mudryk has come as a severe setback for the Gunners, who were convinced the Ukrainian international winger would be heading to the Emirates.

But the runaway League leaders will not be splashing out just for the sake of making a January signing.

And Arteta has made it clear that unless the club can find a player of the right age who will improve his squad and fit into his long-term project, he would rather go without anyone this month.

Arsenal’s concern is that having reluctantly offered £62million plus a further £26m in potential add-ons for Mudryk, they have now shown their hand in terms of their available budget.

And they fear that any alternative transfer targets will now come with a similar price tag.

Owner Stan Kroenke has made it clear that there are funds available in this window to bolster Arsenal’s bid for a first League title since 2004.

But any money spent now will affect Arteta’s summer budget, when he has already identified a number of key signings including West Ham captain Declan Rice.

And while the current squad is still short on depth, Arteta feels he has sufficient cover in just about every position to maintain their title challenge without cutting any corners.

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Up next for the Gunners is Manchester United at the Emirates.

An FA Cup fourth round date with title rivals Manchester City will follow that.