The transfer window is well and truly open and Arsenal have already made a transfer, but the Gunners are planning several more moves to strengthen their squad.
Unai Emery has a challenging rebuild ahead, with the departures of Danny Welbeck, Petr Cech, Aaron Ramsey and Stephan Lichtsteiner leaving the squad in need of reinforcements.
Arsenal have already completed a deal to bring teenage Brazilian striker Gabriel Martinelli to the Emirates, and are also thought to be looking for a central defender, a midfielder and a winger this summer.
So who will arrive in the next month? Here's a look at the latest Arsenal transfer rumours.
Nicolas Pepe
Arsenal have previously been linked with a move for Nicolas Pepe.
But the slim transfer budget at Unai Emery’s disposal put paid to any hopes they might have had of signing him this summer.
Or have they?
According to Telefoot, the Gunners have launched an incredible €80m bid for the Lille winger - but BBC Sport report that this isn’t the case and Arsenal simply cannot afford him.
Dejan Iliev
Arsenal have confirmed that goalkeeper Dejan Iliev has joined Slovak Super Liga side SKF Sered on loan until the end of the season.
The 24-year-old goalkeeper joined Arsenal in the summer of 2012 from Macedonian outfit FK Belasica - and has since made over 40 appearances for the club at youth level.
Nabil Fekir
According to Le Parisien, Real Betis are close to completing a deal for Lyon playmaker Nabil Fekir.
The fee is reported to be €30m, and the French international will sign a 5-year contract.
Fekir was thought to be close to a move to Liverpool last summer before a deal collapsed at the 11th hour.
The 25-year-old was recently linked with a move to Arsenal and was reportedly offered to the Gunners for the same fee, but Betis have won the race to sign the World Cup winner.
Josep Martinez
According to Marca, Arsenal are interested in Las Palmas goalkeeper Josep Martínez.
With Petr Cech’s retirement and David Ospina’s permanent move to Napoli, the Gunners are reportedly on the lookout for a back-up keeper to Bernd Leno.
However, the report claims Real Madrid and Real Betis are also interested in 21-year-old Martínez.
Martínez has a €10m release clause in his contract, but the Spanish side are loathe to lose one of their key players.
William Saliba
football.london have revealed that Tottenham Hotspur have indeed made a late move to snatch William Saliba from under Arsenal’s noses and are in a position to offer the teenager a more lucrative package.
Arsenal were thought to have agreed a deal with Saint-Etienne, but if Spurs’ offer is accepted then it will come down to the defender to make a straight choice.
And interestingly, Saliba’s agent uploaded a picture to Instagram on Friday afternoon after the story broke.
Dani Ceballos
According to Spanish publication Eldesmarque, Arsenal have made a £42m (€46m) bid for Real Madrid midfielder Dani Ceballos.
The deal would take up the majority of the Gunners’ transfer budget, after their failure to qualify for the Champions League.
However, signing a new midfielder is a high priority for Unai Emery following Aaron Ramsey’s exit.
Ceballos has also been linked with a move to Tottenham, with the Spain under-21 midfielder ready to leave the Bernabeu in search of regular first team football.
