Unai Emery is expected to overhaul his squad in the summer - but he will have to do it on a budget even if they qualify for the Champions League.
The Arsenal boss has been told he will have an estimated £40million to spend on new players if they don't secure a spot at Europe's top table next season.
Emery's men are battling for a place in the Premier League top four and are also in the Europa League quarter-finals - with the winners guaranteed a place in the Champions League.
The Spaniard is trying three new signings as he bids to put his stamp on the squad he inherited from Arsene Wenger.
However, he will be given a transfer kitty of around £70m if they secure Champions League football next term.
Arsenal transfer news: Aaron Ramsey replacement identified and Pepe chase twist
The Gunners will need to fill the void left by Aaron Ramsey's departure, with Sevilla's Ever Banega among their targets.
Danny Welbeck could follow him out of the door with his contract running down, so a wide player is also on the list.
Emery wants a new left-back, but it is understood the other positions will take priority.
Arsenal could also sacrifice Henrikh Mkhitaryan to raise funds for new players, as revealed by Mirror Sport last month.
