Arsenal look set to swoop for West Ham midfielder Jack Collison in the January transfer window, and could also bring former Gunner Matthew Upson back to the Emirates.

The cash-strapped Hammers may be forced to sell key players to pay off creditors and prevent plummeting into liquidation.

Welsh international Collison has impressed for club and country and, despite his lack of experience in the top-flight, Arsene Wenger believes the 20-year old would provide a dynamic thrust that his Arsenal side currently lacks.

However, the Icelandic powers that be at Upton Park will not be willing to part with the clubs prized asset for loose change, and could demand up to £15m for their marauding midfielder.

Meanwhile the Arsenal boss has also admitted he is eager to bring Matthew Upson back to bolster the Gunners' defensive line.

The England international has been the Hammers' most reliable performer this season, but may be forced to leave Upton Park to generate funds for Gianfranco Zola's team.

Upson, 30, spent six years as a Gunner earlier in his career but he failed to cement a place in the first team, and was loaned out to Notts Forest and Reading before departing permanently for Birmingham City in 2003. But his career has flourished in recent times and he looks a safe bet, if fit, to be on the plane to South Africa with England next summer.

Aware of the maturing stopper's abilities, Arsene Wenger is apparently desperate to land the no-nonsense tackler to shore-up his backline. A move in January is likely.