Arsenal endured a rough 2019/20 campaign overall but have started to make some positive moves ahead of the new season.
Willian was signed to add spark going forward and William Saliba has finally arrived permanently after the Gunners' acquisition of the defender last summer.
Gabriel Magalhaes has made the switch to the Emirates this summer and Dani Ceballos is closing in on a return on loan from Real Madrid.
But there are more outgoings and incomings likely to come before the window slams shut next month. In light of this, here are the latest Arsenal transfer rumours.
Messi impact of Coutinho transfer
Lionel Messi's transfer bombshell could have repercussions for Philippe Coutinho.
With the Argentine demanding an exit from Barcelona, it could open the door for the Brazilian to work his way back into the fold under Ronald Koeman.
Arsenal have been linked with a move for the ex-Liverpool man but these latest developments with Messi have done little to inspire those at the Emirates that a deal will be possible.
Bellerin bid
Paris Saint-Germain have lodged a £30million bid for Hector Bellerin, according to The Guardian.
The Arsenal right-back has three years left on his current deal but is attracting interest from the French champions and Bayern Munich.
The Gunners are open to selling Bellerin for the right place, with their valuation at £35million.
PSG's opening offer of £25million, plus £5million in add-ons, could tempt the Gunners, who have to sell before they can continue to invest.
PSG reject Guendouzi
Paris Saint-Germain have reportedly turned down the chance to sign Arsenal midfielder Matteo Guendouzi.
The Telegraph claim the Gunners wanted to offload the Frenchman to PSG but they were not interested.
Guendouzi has been linked with an exit from Arsenal following a series of incidents that led to him being dropped from the squad and reportedly made to train away from the first-team.
The north London club are keen to sell him in order to raise transfer funds.
