Arsenal have €65 million ready to make Real Madrid an offer for Karim Benzema. The French is Wenger's one and only target in this transfer window, according to AS. It would be a very complicated move for Arsenal, as Benzema is under contract until 2019 and he wants to stay in the Spanish capital. Wenger himself admitted that he's "1,000% (sic) sure that Benzema will stay with Real Madrid."
If Benzema ends up leaving the club and joining Arsenal, Real Madrid could possibly welcome back Álvaro Morata to replace him, per that same report from AS.
Benzema is an important player in this Real Madrid squad because he's the only pure center-striker. Benítez has also played Cristiano Ronaldo and Jesé Rodríguez upfront, but Benzema seems to be the perfect player to connect with Bale and Ronaldo, as his offensive contribution goes well beyond goals scored and assists because of his creativity.