Following on from a summer based around signing younger players to build for the future, manager Mikel Arteta's plans for January don't seem to differ too much.
If any deal were to occur this transfer window however, it would see Spence seeing the season out at The City Ground, with FA rules dictating that a player cannot play for more than two teams a season. As Spence made appearances for Boro in August, he would be ineligible to play for Arsenal until next season
Competition from rivals?
However, it's not just Arteta who has his eye on the youngster.
With parent club Middlesborough reportedly looking to demand £12Million for the full-back, he'll be a more affordable option for both clubs.
Fitting into the system
Judging from the great success that Arteta has found in the new defensive style, Spence looks as if he'd fit well in this system, looking solid at the back as well as offering something going forwards if needs be.
Spence records similar stats to Nuno Tavares going forwards, notching up 1.9 successful dribbles and 0.8 chances per 90 minutes, but is similar to Takehiro Tomiyasu in defence, with a 72.7% tackle success rate and 1.6 interceptions per 90 minutes.
He's been a key part of the Forest revival this season as the team rose up from the relegation stages to sniffing around the lower playoff places after a poor start to the season.
What would his arrival spell for current Gunners defenders?
While it can easily be said that Japanese international Tomiyasu has near 100% job security at the Emirates, that can't be said for his teammates.
With Calum Chambers' and Hector Bellerin's contracts both expiring at the end of the season, the arrival of Spence would surely spell the end for both of their Arsenal careers.
However, with Cedric's contract not expiring until 2024, it would seem bizarre if Arteta made the decision to purge the club of depth at full-back, especially if European football makes its long awaited return to Arsenal.
Spence began his career in London, joining the academy at Fulham under the tutelage of Huw Jennings.
However, Middlesborough snapped him up from The Cottagers when he was 18-years-old initially for their U-23 team, but made his debut in the Carabao Cup just weeks later.
In January 2020, he was awarded the Championship Young Player of the Month award, and went on to be a stalwart in the Boro defence until the end of the 2020/21 season.
In September 2021, Forest announced his season-long loan signing as part as a summer revamp.