There have been three new arrivals at the Emirates Stadium this summer – Gabriel Martinelli, Dani Ceballos and William Saliba – and Unai Emery hopes to take the total to six.
Despite having a limited transfer budget to play with, the Arsenal boss is eager for an impressive flourish before the August 8 deadline.
Celtic left-back Kieran Tierney and Crystal Palace forward Wilfried Zaha are Emery’s top targets, with less than two weeks left of this window.
According to The Independent, Arsenal are quietly optimistic about signing the two players plus one more new face.
Arsenal believe they can strike a deal with the Scottish Premiership champions for Tierney, 22.
They have been unable to agree terms over a £25m, with Gunners bosses hoping to spread the payments.
According to The Independent, Celtic chiefs fear too much of the fee depends on conditional targets being met while bonuses to be paid to Tierney are also causing issues.
Celtic boss Neil Lennon admits the Scotland international’s head has been turned this summer.
“It’s difficult for him to keep focused at the minute because he’s only human,” Lennon said.
“We’re supporting him all we can.”
Arsenal face fresh competition for Zaha in the form of Everton, who are ready to offer £60m plus Cenk Tosun to Crystal Palace.
The Eagles, who were angered by the Gunners’ opening offer of £40m, are looking for around £80m.
Former Crystal Palace boss Ian Holloway believes Zaha is too good to ply his trade for Everton.
“I think he needs to be at a top, top club and if not stay where you’re loved,” Holloway told talkSPORT.
“I’ve got nothing against Everton, I love Everton and they are growing, but really Zaha needs to be playing at the top of the Premier League.
“I think he’ll win games at the top, top level and maybe not in this country.
“If Gareth Bale is surplus to requirements then why can’t Real Madrid get him or Barcelona? I’d love to see him wear one of those shirts.
“I think he’s that good, personally, I do.”
Arsenal’s other target is likely to be a central defender, who can join the club now amid uncertainty over Laurent Koscielny’s future.