The Gunners have a modest transfer budget of £45million this summer and that will not be enough to address all the issues in their squad as they aim for a return to the Champions League.
With a winger, full back and centre back high on the list of priorities, a new forward will only be considered if they can be signed for a minimal figure.
Arsenal have been offered the chance to buy out of favour Real Madrid striker Mariano Diaz
And, according to The Mirror, Arsenal have been presented with the chance to sign Diaz this summer for just £18million.
He returned to the Bernabeu last summer after an impressive spell at Lyon but has failed to live up to expectations and is now being cast aside for the second time in his career.
With Alexandre Lacazette and Pierre-Emerick Aubameyang currently leading the line for Arsenal it seems there is no urgency to bring in another forward, although £18m would be attractive for a back-up following the exit of Danny Welbeck.
Diaz still has four years left on his contract in the Spanish capital but they need to sell after already forking out for Eden Hazard and a host of other new names this summer.
The Gunners have a modest transfer budget of £45m and a striker is not their main priority
He made 13 appearances in La Liga last season and scored three times but largely found himself playing second fiddle to Karim Benzema.
Meanwhile, Arsenal have agreed a fee of around £26m with Saint-Etienne for centre back William Saliba but the French club are keen to keep the 18-year-old on loan for another season.
They have also already had one bid of £40m turned down by Crystal Palace for Ivory Coast forward Wilfried Zaha, who is Emery’s No 1 attacking target.
It is also claimed Arsenal are interested in Kieran Tierney of Celtic but they face competition from Napoli for his signature.