Arsenal could make an attempt to sign Evan Ferguson before the end of the January transfer window, but the deal would complicated by the Premier League’s loan rules.

With Arsenal’s long-term centre-forward targets seemingly off the market this month, there’s been talk that the Gunners could look to fill the position with a loan move instead.
One player who is definitely available for a loan is Brighton and Hove Albion’s Evan Ferguson, who is returning from injury and faces a battle for minutes at his current club. There are now even reports that Brighton could allow him to leave permanently during this window.
Ed Aarons reports for The Guardian that Arsenal could attempt to sign Ferguson on loan, but they’d have to cut short one of their existing loan deals to do so.

The Premier League rules only allow for two loan moves from fellow Premier League clubs at once, and Arsenal have already hit the limit by signing Raheem Sterling from Chelsea and Neto from Bournemouth.
The Gunners could take one of those deals off the books by either cancelling a loan or buying one of the two players permanently.
Neto seems the more likely candidate, either as a January addition for a low fee or to return to Bournemouth. But that would leave Arsenal needing to either invest more of their transfer funds in a 35-year-old goalkeeper or to find a replacement for Neto as well as a new forward.
As it stands, Neto is the only experienced backup to David Raya that the Gunners have, with Tommy Setford acting as Mikel Arteta’s third choice.

In short, a January loan deal for Ferguson is hugely complicated, and Arsenal may decide it’s not worth the hassle for a player who is currently out of action anyway.