Mikel Arteta is ready to splash the cash this summer after already completing deals for Nuno Tavares and Albert Sambi Lokonga.
Ben White has also been strongly linked with a big money move to Arsenal with reports of a £50 million-pound fee agreed with Premier League rivals Brighton.
The Gunners are hoping for a big improvement on their eighth-placed finish in the league last season, with Arsenal missing out on European football for the first time since 1996.
With only domestic football to focus on this campaign, Arteta will be hoping for a top four finish.
Here's the latest from Daily Star Sport on Arsenal's dealings in the transfer market…
Gunners want Chelsea striker
Mikel Arteta is pursuing Chelsea stiker Tammy Abraham to bolster his attacking options.
The 23-year-old could be deemed surplus to requrements at Stamford Bridge with the Blues keen on acquiring Borussia Dortmund sensation Erling Haaland.
Abraham netted six times in the Premier League last season but was often left frustrated at being utilised from the bench.
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According to reports from The Telegraph, Chelsea value the England striker at £40 million and would prefer a permanent transfer rather than a loan deal.
Arsenal's Odegaard blow
The Gunners have been dealt a blow in trying to re-sign Martin Odegaard from Real Madrid.
The Spaniard spent the previous six months in north London on loan from the La Liga giants and Arteta had been hoping to convince the 22-year-old to extend his stay for the 2021/22 campaign.
However reports from Spanish oulet AS suggest that Odegaard will not be enjoying another spell at Arsenal as Real Madrid are wanting him to play a key part at the Santiago Bernabeu next season.
The report mentions that Los Blancos boss Carlo Ancelotti has held talks with the Norweigan promising him more game time and Odegaard looks to have decided to stay in the Spanish captial.
Roma set to bid for midfielder
Following Arsenal's capture of Sambi Lokonga, AS Roma look ready to test Arteta's resolve with another bid for Granit Xhaka.
The midfielder featured 44 times for the Gunners last season but with his contract expiring in 2023, this summer presents the last real oppourtunity for Arsenal to recoup as much of the £40 million they paid for the 28-year-old in 2016.
Italian newspaper il Romanista claim that Roma are preapring another bid for Xhaka who tops new manager Jose Mourinho's summer transfer targets.
The report alleges that Arsenal are demanding £30 million for the Swiss international which is unlikely to be matched by Roma at this current stage.
However, the Serie A side are looking to offload both Justin Kluivert and Robin Olsen which could free up the funds to sign Xhaka.
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