According to manager Steve Davis, League One side Crewe Alexandra are looking to take on two young Arsenal players on loan, striker Chuks Aneke and a midfielder that he declined to name. While the transfer window is closed, as we well know, clubs below the Premier League level can still acquire players on loan, so any deal could go into effect as soon as it's finished.
The Crewe Chronicle says that Aneke could be intended to replace injured player Mathias Pogba. Money is an issue, but Crewe sound confident that a deal can be done. Evidently Davis and assistant manager Steve Bould are friends (or so Davis says), so that could help grease the wheels a bit.
As for the mystery midfielder, the Chronicle made no claims. It's been rumored today that it might be Craig Eastmond, but there is no official or even particularly reliable word either way at this point, so we await further information.
One way or the other, with a lot of good players around the Arsenal youth and reserves teams, and not enough spots for all of them to get playing time, it's likely that we will see a lot of loan movement in the coming weeks.