Arsenal could attempt the recall of loanees Calum Chambers and Reiss Nelson, as Unai Emery tries to patch over his injury-stricken squad.
Since losing defender Rob Holding to a season-ending injury sustained at Old Trafford, attackers Danny Welbeck and Henrikh Mkhitaryan have also picked up serious injuries.
Chambers has made 14 appearances for Fulham this season and has become a mainstay in Ranieri's back line.
As a result, any attempt from Arsenal to recall the 23-year-old is likely to incur a fee, as reported by BBC Sport's David Ornstein.
Meanwhile, Reiss Nelson has impressed in the Bundesliga this term, scoring six times in the competition already.
Even though the 19-year-old is an exciting prospect and potentially a future Arsenal star, Ornstein reports that Emery could be discouraged from recalling the youngster so as not to disrupt his sparkling progress in Germany.
The Gunners also still have David Ospina on their books, who is currently on loan at Italian side Napoli. However, the Colombian has performed well between the sticks this season and according to football.london, Ospina's father is adamant on securing a permanent move away from the Emirates for his son.
Emery's side currently reside in fifth place in the English top flight and despite their offensive injury issues, it has been Arsenal's frailty at the back that has been their downfall so far.
If recalling their loanees is not an option, the Spaniard could be tempted to dip into the January transfer market in search of reinforcements.
In last year's window, Arsenal signed Pierre-Emerick Aubameyang and the Emirates faithful could be hoping for another similar marquee signing this month.