The Gunners are set to dip into the market ahead of the 2024-25 campaign.
Nico Williams has emerged as a target for Arsenal
And Mikel Arteta is understood to be targeting some attacking reinforcements.
According to the Mirror, Arsenal scouts are keeping tabs on Spanish winger Williams.
The 21-year-old signed a new contract with Athletic Bilbao last year so he is not expected to be cheap.
Arsenal also face competition from Real Madrid, Aston Villa and Liverpool for his signature.
Williams has scored five goals and provided 10 assists in 24 appearances across all competitions for Athletic Bilbao so far this season.
He is one of the most highly-rated young players in La Liga.
The winger's brother, Inaki Williams, was linked with a move to Arsenal back in 2016 but instead stayed with Athletic Bilbao.
Arsenal also remain interested in Pedro Neto ahead of the summer transfer window.
Ivan Toney and Martin Zubimendi are among the club's other top targets.
In order to fund some summer moves, the Gunners are expected to sell several players.
Thomas Partey, Emile Smith Rowe and Eddie Nketiah could all be offloaded.
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