Arsenal are hoping to offload Lucas Torreira and Sead Kolasinac in the next few days in a bid to fund a move for Houssem Aouar.
The Lyon star has become the top priority going into the final hours of the transfer window.
Thomas Partey was the No. 1 target but Atletico Madrid are not budging from their valuation and Mikel Arteta is running out of time.
The Gunners have been active in the transfer market but they have not shifted players in time.
Several stars have been mooted for exits but the club will now concentrate on getting Torreria and Kolasinac out, report the Evening Standard.
A £30m bid was rejected by Lyon but a new offer is being readied.
But Arsenal need more cash in the bank before launching another raid on the midfielder.
Arteta is said to be "obsessed" with Aouar after his performance against Manchester City in the Champions League.
Atletico are the most interested in Torreira but favour a loan rather than a full-time purchase.
Kolasinac is attracting attention from Bayer Leverkusen, while the Evening Standard also reports that while more could leave, these two are the most likely at the moment.
Matteo Guendouzi, Sokratis and Shkodran Mustafi have all been told they can leave.
But finding a buyer in the current market has proved difficult and Arsenal have been told to raise their bid by £20m for Aouar.
Lyon have slapped a £50m price-tag on the 22-year-old's head but that stance could change as the hours count down.
The French club have already dropped their valuation by £10m but Juventus are also tracking the midfield ace.
Arsenal have been active in the transfer window, signing Willian, Gabriel Magalhaes and Dani Ceballos.
Runar Alex Runarsson joined on Monday after the departure of Emiliano Martinez.
Pierre-Emerick Aubameyang has also signed a new contract, tying his future to the Emirates.
