The value of Arsenal's squad could plummet by more than £154million should the season not resume by the end of June, according to data published by the International Centre for Sports Studies Football Observatory (CIES).
According to the figures released this morning, taking in Europe's five big leagues, Manchester City would lose the most with Mikel Arteta's squad facing the seventh biggest fall in the Premier League and 17th across Europe.
CIES valued Arsenal's squad at just over €624million (£555.5million) on March 11 and their algorithm predicts a 27.7% fall to €451million (£401.2million) up to June 30, if no matches are completed.
The numbers take into account a host of metrics, including expiring contracts, the age of players and recent performance, with the aggregated transfer value based on the 20 players with the highest values at each club.
There remains a possibility that players out of contract this summer will be given short extensions for the campaign to be completed, with one unnamed Premier League club doing just that after reportedly giving one player a three-month extension until September.
"The greatest loss in relative terms concerns ageing footballers with short-term contracts who played fewer matches during the current season than in the previous one," CIES explained.
Liverpool, Manchester United, Chelsea and Tottenham are also in the top 10, along with Bayern Munich, Paris Saint-Germain, Internazionale, Barcelona and Real Madrid.
According to the report, Tottenham's squad value would fall from €787million (£689million) to €560million (£490million), which is more significant than both Chelsea and Arsenal in terms of percentage (28.8%).
Everton would also see a bigger fall in the value of their squad, falling €181million (£161million) in the same period, which would be a 30.9% fall.
Marseille would see the biggest percentage decrease across Europe (37.9%) with Sheffield United's value falling by the most significant margin in the Premier League (33.2%).
