Arsene Wenger was reluctant to talk about his January transfer spending policy today.

Questions posed about the possible arrival of Andrei Arshavin for £20million from Zenit St Petersburg and an inquiry about defender Kolo Toure from Manchester City were knocked back by the Arsenal manager in typically polite fashion.

Would Arshavin be the perfect kind of person to bring in next month? "You know at the moment, nobody is going out and nobody is coming in and that gives you the perfect answer," said Wenger when asked about the Russian star.

Are you a fan of his? "I don't feel any need to speak about that because at the moment that is not a realistic solution," he stressed again.

Inside, though, Wenger must know that he needs to start thinking about, and actually raiding, the Emirates Stadium coffers next month after it was confirmed that captain Cesc Fabregas is to miss the next four months with a knee injury.

By the time the Spaniard returns in April, the season will be almost over - for Arsenal it may well have finished already. The Gunners already have an eight-point deficit to make up in the Premier League. The Champions League may well be a distant memory by the spring and that would leave only the FA Cup to play for.

Zenit, for their part, expect Wenger to make a club-record bid for the 27-year-old Russia international, who is free to negotiate his own transfer after becoming frustrated over his failed move to Tottenham in the summer.

Wenger had suggested during Euro 2008 that Arshavin did not have the required physical presence to succeed in the Premier League but the midfielder reportedly visited both Arsenal and Spurs' training grounds last week prior to a holiday in the Dominican Republic.

"The price tag for Arshavin is £20m and we are hopeful that Arsenal will make such an offer soon," Zenit's general director Maxim Mitrofanov told Radio Echo Moskvy last night.

As well as replacing his midfield lynchpin, Wenger must now also find another captain. Losing one in a season is unfortunate, but now Wenger will have to appoint his third leader, having already stripped William Gallas last month.

Manuel Almunia stood in for Fabregas when he went off against Liverpool and will do it again in the huge clash with Aston Villa on Boxing Day.

Toure is also captaincy material but he is unable to cement a place in the first team and that has prompted interest from City.

Manager Mark Hughes, who will be entrusted with up to £250million to spend on new players despite speculation surrounding his future, is keen to add Ivory Coast international Toure to his squad as he looks for players with Premier League experience.

Despite Wenger's denials, it is understood that City, owned by Sheikh Mansour bin Zayed Al Nahyan, a member of the ruling family of Abu Dhabi and one of the richest men in the world, have already asked Arsenal for permission to talk to Toure but have so far been refused.

The 27-year-old Toure is a firm favourite of the Arsenal crowd but injuries and upheaval in defence have restricted his appearances this season.

The Ivorian, who signed a four-year contract in August 2006, is reputed to be on more than £60,000 per week at Arsenal.

City have also been linked with Blackburn striker Roque Santa Cruz, West Ham's Craig Bellamy, and Chelsea's Wayne Bridge.

Hughes is thought to be prepared to test Arsenal's resolve with a bid in the region of £10m for Toure and, should the Gunners decide to sell the player, the money could help fund a bid for Arshavin.

But Wenger is under no pressure to sell before he can buy from the board, whose recent upheaval has upset Alisher Usmanov.

The Russian billionaire, who has a 24.9 per cent stake in Arsenal, claims he has no intention of buying the 15.9 per cent holding of Lady Nina Bracewell-Smith after her acrimonious departure from the board last week.