Arsene Wenger has plenty of money to spend this month and will be looking to strengthen his midfield and defence.
And according to reports this week, the Gunners boss has seen Gundogan and Hummels as perfect options.
The club have already launched a £16m for the German midfielder but are still in talks over a £47m move for Hummels as well.
Both players have been offered new deals at the Signal Iduna Park but both have since stalled on putting pen to paper.
Hummels has been strongly linked with a move to England, with Manchester United also interested, whilst Gundogan has also been tracked by Chelsea, Liverpool and United as well.
By Phil Wellbrook
