Here's a look at a few players who could be join the Gunners.
Arsenal may have fallen short in the Premier League title race last season, but they are setting their sights high for the new campaign.
With Manchester City retaining the crown by a narrow margin, Mikel Arteta's squad needs to gear up for a serious challenge with some exciting summer acquisitions.
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Defense: Bolstering the Backline with Calafiori
Italian wonderkid Riccardo Calafiori is a hot property in European football. The 22-year-old defender has impressed at Bologna following his move from Basel last year.
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Calafiori's consistent performances, 30 Serie A appearances, and 7 goal contributions have attracted the attention of several top clubs, with Arsenal reportedly leading the race for his signature.
The Gunners' initial €47 million bid was rejected, but rumors suggest they might return with a €55 million offer to secure his services.
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Attack: Hitting Power with Osimhen
While Gabriel Jesus and Kai Havertz delivered commendable performances last season, Arsenal are looking for that extra edge in attack to dethrone Manchester City.
Nigerian striker prolific striker, Victor Osimhen, could be the missing piece. With Napoli failing to qualify for the Champions League, Osimhen is expected to leave the club.
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Arsenal face competition from Chelsea and Barcelona for his signature, but the 25-year-old's talent is undeniable.
Osimhen justified his hefty €70 million transfer fee to Napoli in 2020, silencing doubters with his clinical finishing.
After overcoming initial injury setbacks, he exploded in the 2022-23 season, becoming the first African player to win the Serie A Golden Boot with a staggering 26 goals.
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Napoli's underwhelming 10th-place finish last season is likely a major factor in Osimhen's desire to move on, and Arsenal could be the perfect destination for him to showcase his talents on a bigger stage.
Midfield: Creative Spark from Williams
Nico Williams' dazzling performances at Euro 2024 have not gone unnoticed. The Spanish youngster, with a goal and an assist in four starts, has caught the eye of several Premier League teams, including Arsenal.
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He's been a consistent threat for Athletic Bilbao as well, racking up 31 La Liga appearances, five goals, and 14 assists last season.
While Williams is contracted with the Spanish club until 2027, his €55 million release clause could be tempting for the Gunners, who are in dire need of reinforcements in midfield.
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Wildcard Option: Gyokeres - A Familiar Face Returns?
Victor Gyokeres, the Swedish striker, could be a surprise but potentially brilliant addition to Mikel Arteta's squad.
After failing to make his mark at Brighton & Hove Albion, Gyokeres flourished at Coventry City, leading them to the Championship play-off final in 2023.
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Sporting Lisbon swooped him up last summer for a record €20 million, and Gyokeres continued his impressive form, netting a remarkable 41 goals across all competitions and propelling Sporting to Primeira Liga glory.
A return to England could be on the cards for the 26-year-old, but Arsenal might have to break the bank to convince Sporting to part ways with their star striker.