The Gunners are preparing a budget of £200million to once again take the Premier League title fight to Manchester City, as well as competing in the Champions League after six years away.
Standard Sport understand Declan Rice is their top target while Brighton’s Moises Caicedo is also of interest, with Granit Xhaka set to depart to clear space for Arteta’s midfield revamp.
Arteta told reporters ahead of facing Nottingham Forest that this coming window will be “crucial” for the club’s ambitions.
“To go to the next level is going to be a crucial summer for us,” he said. “That is for sure.
“First of all to make sure that we maintain everything that we have at the club right now.
“That we maintain expectations, that we maintain enthusiasm and energy that is around the place and we have a proper preparation to fulfil the objectives and the challenges that we will have next season.”
Keep or sell? Every Arsenal player assessed ahead of £200m summer transfer window
Aaron Ramsdale: should be Arsenal No1 for many more years and is set to sign a new long-term contract. KEEP
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Matt Turner: back-up goalkeeper has done fine when called upon this season and is popular in the dressing room. KEEP
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Alex Runarsson (on loan at Alanyaspor): has struggled since joining from Dijon in 2020. Best for all parties that he moves on. SELL
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Karl Hein: already Estonia No1 at 21 and may push for first-team football elsewhere soon. KEEP
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Ben White: shifted to right-back this season and has been one of Arsenal’s best performers, his versatility will continue to be a real asset. KEEP
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William Saliba: could be a mainstay in the Arsenal defence for many years. Vital club tie him down to a new contract. KEEP
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Rob Holding: has been a great servant since joining for £2m in 2016 but centre-back feels like a position Arsenal can upgrade. SELL
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Gabriel: started every Premier League game this season and will look to develop his partnership with Saliba. Rewarded with a new contract in October. KEEP
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Pablo Mari (on loan at Monza): his loan move will be made permanent this summer, with Arsenal set to bank £6m. SELL
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Jakub Kiwior: January signing needs time to adapt but has shown some promise in recent weeks. KEEP
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Takehiro Tomiyasu: a useful squad player who can fill in anywhere across the backline, though may not be fit for the start of next season. KEEP
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Cedric Soares: free to leave after six months on loan at Fulham but his £100,000-a-week wages may make him hard to shift. SELL
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Oleksandr Zinchenko: a revelation at left-back since joining from Manchester City last summer and vital to how Arsenal play. KEEP
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Kieran Tierney: a great servant but does not fit the system now and should command a good transfer fee. SELL
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Auston Trusty (on loan at Birmingham): excelled in the Championship this season and now is the moment for Arsenal to cash in. SELL
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Nuno Tavares (on loan at Marseille): has impressed with his displays in France this season, which should have generated interest. SELL
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Ainsley Maitland-Niles (on loan at Southampton): after struggling in a relegated team he is leaving Arsenal when his contract expires this summer. RELEASE
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Albert Sambi Lokonga (on loan at Crystal Palace): has not delivered on his potential and another loan or a permanent exit makes sense for everyone. SELL
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Charlie Patino (on loan at Blackpool): wants first-team football after a solid season in the Championship and is ready to leave Arsenal for it. SELL
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Fabio Vieira: has struggled during his first season in England but deserves time given he is still only 22. KEEP
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Granit Xhaka: in advanced talks over a £13m move to Bayer Leverkusen and now feels like the right time to move on, despite a great season. SELL
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Jorginho: tempting for Arsenal to cash in if an offer comes in. If not, the Italian has shown his experience is useful to a young squad. KEEP
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Martin Odegaard: captain and a quality player Arteta should build the team around. Could get even better alongside midfield reinforcements. KEEP
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Mohamed Elneny: a perfect squad player. Universally loved, fills in when needed and signed a new deal in February after taking pay-cut. KEEP
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Thomas Partey: his form dipped at a crucial time in the season but he would benefit next season if he can be rotated more. KEEP
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Bukayo Saka: close to agreeing a new contract that will reflect his status as one of the best players in the Premier League. KEEP
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Eddie Nketiah: performed well when Gabriel Jesus was out injured this season. A good squad player and decent option off the bench. KEEP
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Emile Smith Rowe: Arsenal will be tempted to sell their No10 if they receive a good offer. But he clearly talented and deserves chance to prove himself. KEEP
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Folarin Balogun (on loan at Reims): after 19 goals in Ligue 1 this season, Arsenal should look to cash in on the forward while his stock is high. SELL
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Another potential target is Joao Cancelo, the Manchester City full-back unwanted by both City and loan club Bayern Munich.
Arsenal are thought to be interested in the Portuguese player, who would not come cheap.