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FOX Soccer believe that Yossi Benayoun's supposed loan move from Chelsea to Arsenal is now confirmed, with club statements to follow:
DEAL: Just been told Yossi Benayoun has agreed a loan to Arsenal. Statement coming. #DeadlineDayless than a minute ago via Seesmic twhirl 
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FOX Soccer
FOXSoccer
If anyone want to make this deal make sense to me without invoking a new, completely signing by Chelsea within the next hours, go right ahead. I'll wait (for an hour). Chelsea are light on midfielders, so they loan one away without bringing one in in return? Either they have gone insane over at Stamford Bridge or something else is at work here. I'd like to believe in option number two, but that'll require... some evidence at this point.