Chelsea have already completed the marquee signing of Gonzalo Higauin this month but the other teams chasing the top four and the Premier League title are yet to make their move.
Arsenal are looking at deals for the likes of Barcelona’s Denis Saurez, PSG’s Christopher Nkunku and most recently Inter Milan winger Ivan Perisic.
Funds are tight at the Emirates, so the club are looking at loan deals only.
Recent injuries to Rob Holding, Hector Bellerin and Laurent Koscielny could also see them bring in a defensive recruit this month.
“Arsenal need one or two players so it would be no surprise to see them strengthen their squad”
And Premier League legend Shearer reckons they need at least one new recruit if they are to mount a top four challenge.
“There is just a week left in the January transfer window and many clubs will be desperately trying to do some business before it shuts,” he told Coral.
“Arsenal need one or two players so it would be no surprise to see them strengthen their squad.”
Liverpool and Manchester City are both flying high at the top of the table and neither club look likely to sign any players this month having splashed the cash in the summer.
Meanwhile, United are looking into the prospect of any players becoming available across Europe and have also been linked with Perisic.
But Shearer feels the fact Ole Gunnar Solskjaer is their interim boss and they aren’t sure who to appoint in the summer could impact how many signings they make before Thursday’s 11pm deadline.
“It would take someone very special to become available for Manchester City or Liverpool to sign anyone, as they have to be happy with the way the season has gone so far with what they already have at their disposal,” the Newcastle legend said.
“Manchester United could do with a defender or two.
“But it is a difficult situation for them at the moment as they do not know who their manager is going to be next season. So I would be surprised if they invested a lot of money either.
“Often the signings that are made in the January transfer window are out of desperation and panic which can lead to clubs paying over the top.
“Managers will look at where they have come up short over the last few months and try to fix the situation.”