The buildup to the summer transfer window has now begun, with rumours and speculation continuing to swirl as Arsenal eye possible reinforcements.

The Gunners spent more than many expected during the summer - most notably their club-record purchase of Nicolas Pepe - but were more reserved in January as they focused on bolstering their defensive options.

Here, Sports Mole rounds up the latest news on possible comings and goings at the Emirates Stadium.

Tuesday morning's Arsenal transfer talk news roundup:

Arsenal see second Thomas Partey bid rejected?

Arsenal have reportedly had a second bid for Atletico Madrid midfielder Thomas Partey rejected by the La Liga outfit.

Despite the fact that Arsenal are set to be severely financially-restricted heading into the summer transfer window, Partey continues to be linked with a switch to North London.

With Partey supposedly stalling over a new deal at the Wanda Metropolitano, it has been suggested that the Gunners are hopeful of snapping the 27-year-old up for a cut-price figure this summer.

However, The Guardian claims that Atletico are holding firm on their stance and will not sanction a sale for anything less than the midfielder's €50m (£45.5m) release clause.

Arsenal were believed to have had an initial bid of €25m (£22.8m) plus a player rejected, and the report claims that the Gunners have been rebuffed again by Atletico after offering the same amount of money and out-of-favour midfielder Matteo Guendouzi to Diego Simeone's side.

Guendouzi has not featured for Arsenal since his fracas with Neal Maupay in Arsenal's defeat to Brighton & Hove Albion, and the Gunners have allegedly made the 21-year-old available for swap deals ahead of the summer window.

Partey turned out 35 times for Atletico during the 2019-20 La Liga campaign and notched up three goals for Simeone's side.

Arsenal considering £27m Philippe Coutinho loan deal?

Arsenal are reportedly giving consideration to paying £27m in order to tie up a season-long loan deal for Barcelona playmaker Philippe Coutinho.

Despite being keen to part ways with the Brazilian on a permanent basis, Barcelona are said to accept that none of their European rivals will be prepared to meet their asking price this summer.

According to Sport, that has led to the Catalan giants setting out their demands with regards to another season-long loan, which would come on the back of a similar spell being spent at Bayern Munich.

The report claims that Arsenal were weighing up the possibility of shelling out £27m to bring in the former Liverpool star for the next campaign.

While Barcelona are said to be looking for a fee of £18.2m, Coutinho is also earning £9.1m per year at Camp Nou.

Coutinho's agent Kia Joorabchian has links with the North London outfit, seemingly increasing the chances of a deal being successfully negotiated.

More transfer news from Arsenal:

Barcelona offer Arsenal Ivan Rakitic, Arturo Vidal for Matteo Guendouzi?
Barcelona reportedly tell Arsenal that they would be willing to include both Ivan Rakitic and Arturo Vidal in any deal to sign Matteo Guendouzi this summer. Read more.

Chelsea make breakthrough in Willian contract talks?
Chelsea reportedly make an important breakthrough in negotiations with Willian over a new contract at Stamford Bridge. Read more.

Manchester United, Chelsea 'turn down chance to sign Philippe Coutinho'
Manchester United and Chelsea are reportedly among the Premier League clubs to have turned down the chance to sign Philippe Coutinho after being offered him by Barcelona. Read more.