But their limited budget means the club must offload some of the dead wood first, putting some other deals on hold.
Talks are currently ongoing over Kieran Tierney and William Saliba and Unai Emery prioritises strengthening his defence.
The Gunners demonstrated their clear limitations at the back in the Spaniard’s first season in charge.
And in a bid to secure Champions League qualification next term, Arsenal are trying to bring in some top quality younger stars.
Tierney and Saliba would certainly freshen up the side and offer real quality at the back.
Scotland international and Celtic fan-favourite Tierney has plenty of experience, even in Europe, despite being just 22 years of age.
Arsenal were knocked back in a £15m move for the left-back but are understood to be planning a new £20m bid.
Teenage centre-half Saliba, meanwhile, is closing in on a £20m transfer from Saint-Etienne, even though the French side were demanding he remains in Ligue 1 on loan next season.
“Arsenal are believed to want a midfielder and a winger yet”
The two defenders are set to become Arsenal’s first summer arrivals, but their budget of less than £50m means Tierney and Saliba will take up the bulk of their funds.
In order to boost the money available for reinforcements, Starsport understands Arsenal will have to sell first, and that has put any other potential deals on hold.
Arsenal are believed to want a midfielder and a winger yet before the window shuts on August 8.
Bournemouth’s Ryan Fraser has been linked as an option out wide, while Emery aims to bring in a replacement for Aaron Ramsey following his free transfer to Juventus.
Denis Suarez’s return to Barcelona after his failed spell on loan has made things trickier for Arsenal too as he could have become a straightforward permanent signing to fill one void.
Another defender on top of Tierney and Saliba would also be desired by Emery as well.
However, further additions beyond their top two targets are not close due to the club’s needs to raise funds.
Those on the chopping block include Shkodran Mustafi, Laurent Koscielny, Nacho Monreal, Calum Chambers, Mesut Ozil and Henrikh Mkhitaryan.