The futures of both players have been talking points throughout the season due to their failure to agree new contracts despite months of negotiations.
The pair come to the end of their current deals in the summer of 2018, and it is believed that the club are coming to terms with the eventuality that both could leave at the end of the season.
According to The Mirror, the Arsenal board are prepared to release £100m to spend on transfers this summer, which will include replacements for the duo.
The report claims that AS Monaco teen Kylian Mbappe, Celtic forward Moussa Dembele and Borussia Dortmund's Marco Reus are on the wishlist, while the club are also considering reviving their interest in Lyon striker Alexandre Lacazette.
Arsene Wenger is expected to be the man leading the transfer hunt as it is believed that he will receive a new two-year contract, despite growing unrest from the supporters.
The Gunners are struggling to claim a top-four place this season as they currently reside sixth in the Premier League table, six points adrift of fourth-placed Liverpool, but they do have two games in hand on the Reds.