Despite 55 redundancies having been made at the Emirates Stadium, Arsenal remain on the look out for several high-profile additions ahead of the new season.
Although Mikel Arteta's transfer budget has been increased courtesy of qualification for the Europa League, the Gunners will still need to be creative in the summer window.
While the big names continue to be linked with the North Londoners, a number of sales will inevitably have to be made in the coming weeks.
Here, Sports Mole rounds up the latest news on possible comings and goings.
With a release clause of £45m, there is a strong argument that Atletico Madrid midfielder Thomas Partey represents excellent value for money.
However, as is the case at many clubs this summer, Arsenal would prefer to include at least one player in any proposal put forward for the Ghana international.
According to Spanish journalist Kike Marin, three of Arteta's first-team squad have been offered to the La Liga giants.
After weeks of speculation regarding his future, Willian announced on Sunday that his seven-year stay at Chelsea had come to an end.
Despite the rivalry between the two clubs, it has been widely reported that Arsenal are the heavy favourites to secure the Brazilian's signature on a free transfer.
According to the Evening Standard, the Gunners have moved closer to getting a deal over the line after the playmaker completed a medical.
The 32-year-old is also said to have agreed terms over a three-year contract, 12 months longer than Chelsea were prepared to offer one of their longest-serving players.
Having been made available by Barcelona, Philippe Coutinho is another player who has been linked with a future transfer to Arsenal.
However, according to Sport, Coutinho has requested that any talks regarding his next move are delayed for the time being.
The Brazilian is currently on loan at Bayern Munich, who face his parent club in the quarter-finals of the Champions League later this week.
The former Liverpool man would allegedly prefer to focus on winning the competition, rather than being distracted by any developments off the pitch.
More transfer news from Arsenal:
Arsenal to cash in on Lucas Torreira for Thomas Partey funds?
Arsenal manager Mikel Arteta reportedly gives the green light for the club to sell Lucas Torreira and use the funds to sign Thomas Partey from Atletico Madrid. Read more.
Three clubs interested in Arsenal's Ainsley Maitland-Niles?
Three clubs are supposedly hoping to strike a deal for Arsenal's Ainsley Maitland-Niles, who could be allowed to leave the Emirates this summer. Read more.
Real Madrid's James Rodriguez in talks with Paris Saint-Germain?
The agent of Real Madrid midfielder James Rodriguez is reportedly in discussions with Paris Saint-Germain over a potential summer switch to the French capital. Read more.