The window will officially shut at 11pm GMT UK time.
Meanwhile, Arsenal’s manager, Mikel Arteta has given some hints on what fans should expect ahead of the deadline day.
The Gunners have already secured the loan deal of Martin Odegaard from Real Madrid until the end of the season.
It's unclear whether Arteta will make more signings after the club reduced their wage bill as Mesut Ozil and Papastathopoulos Sokratis contracts were terminated.
The manager was speaking today at his media conference ahead of Tuesday trip to Wolverhampton.
Arteta stated that the January window is unpredictable but the club is working on making a final deal.
He said: "The last day of the transfer window is always unpredictable so things can happen. They might happen, they might not happen. We are on it."
When asked letting more players leave this window, he simply replied that fans will know once the window is shut.
In Arteta’s words:" We have decided [who could leave on loan today] and we are working on it. You will find out before 11pm."
Already, likes of Mustafi, Reiss Nelson, and Maitland Niles are among the players who are rumoured to leave the club for either loan or permanent move after fallen under surplus to requirements.
Ainsley Maitland Niles have been linked to join other Premier League clubs on loan, but the Gunners will be reluctant to sell to a direct rival. A move to the Championship might be on the cards for him.
on Ainsley Maitland-Niles future, Arteta said: "I don't know, I cannot speak about any individual players. What we want to do, the conversations we've had, the various reasons... Let's see if we can get something done tonight."
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