The biggest news concerning Arsenal and transfer deadline day, on the eve of what American soccer fans used to know as "Labor Day," concerns Monaco striker Radmael Falcao. According to the Guardian, both Arsenal and Manchester City are interested in acquiring Falcao's services. Allegedly, it's all possible as a result of a collapsed deal with the how-can-they-possibly-spend-more-under-FFP Real Madrid. (There are even rumors that Falcao tweeted #halamadrid and then deleted it; Google if you need more transfer silliness in your life.)
The most exciting aspect about this: It's a £55 million buy, not the £20 million one-year loan that was being talked about earlier in the week. To make this work under City's own FFP challenges, they would have to offload Alvaro Negredo, who has a broken foot but a rumored suitor in Valencia.
There are also exciting rumors about midfielder Blaise Matuidi -- Twitter claimed that L'Equipe was reporting a £28 million deal in the works, but the actual L'Equipe site didn't have that news.
There is, however, a Serbian site, Sportske.net, reporting the Matuidi news, and is also reporting that Seville striker Carlos Bacca is coming over by tomorrow's deadline. Three things of note: the Colombian international scored 21 goals in 52 games for last year's Europa League champions, someone changed his Wikipedia page earlier today to say that he plays for Arsenal (it's since been changed), and if you Google translate Sportske.net, it says that Arsenal's about to sign Blaise Matuidi and Carlos Grandma.
Other rumors, as compiled by the BBC, include Arsenal's own Joel Campbell wanting a loan to Benfica, and Manchester United making Danny Welbeck available for a one-year, £5 million loan, which purportedly intrigues Sunderland.