With the news that Juventus are closing in on Dusan Vlahovic, Arsenal have been linked with a few alternative options up front.

As we’ve reported on already today, Arsenal’s hopes of signing Dusan Vlahovic in the January transfer window are very much fading with the news that Juventus are making a bid.
Juventus were always considered Vlahovic’s preferred option, so the fact they’re willing to pay up means Arsenal don’t have any advantages in that race anymore.
Luka Jovic is one player linked with Arsenal as an alternative option on loan, but he’s considered a backup at this stage. The Gunners have other targets for long-term deals, and may look to pursue those first.
The Athletic report that Arsenal are keen on Dominic Calvert-Lewin, and that move would appeal to the player. Even at £60m, the Gunners would remain interested.
Then there’s Alexander Isak of Real Sociedad, whose link-up play and pressing make him a good fit. Unfortunately, there are drawbacks in both cases.
For Calvert-Lewin, Everton are unlikely to want to sell mid-season, especially when they could still be dragged back into a relegation battle.
With Isak, he may prove a very expensive signing. If Sociedad won’t negotiate (which is very possible, considering their Champions League ambitions), Arsenal would have to pay his £75m release clause.

There have also been links between Arsenal and 27-year-old Espanyol striker Raul de Tomas, but The Athletic report that the Gunners are not currently pursuing that deal.
To sum things up, there’s no clear frontrunner right now. A breakthrough in negotiations for Calvert-Lewin or Isak would likely see that deal pushed into the forefront, whilst any delays might make Jovic more likely.
Right now, no one is close, and it’s still possible Arsenal fail to make a signing at all before next Monday.