Following the Brazilian, the Gunners have all but confirmed the arrival of Fabio Vieira from Porto, who joins in a £34 million deal.
The Daily Mirror have reported that the North London outfit are expected to splash out around £215 million on five new signings - including the Porto midfielder.
Arsenal have their sights set on another four targets and it looks like money won’t be an issue in luring them to the English capital.
Gabriel Jesus is another of their priorities, with the striker eager to leave Manchester City in favour of regular first team football.
The Brazilian will cost Arsenal £50 million - a significant increase on their £30 million bid that was previously rejected.
Meanwhile, Youri Tielemans remains of interest to Arteta, with Leicester City willing to let the Belgian go for around £45 million - though it is unclear whether Vieira’s arrival could affect their pursuit of the Foxes star.
Another familiar face that they are looking at is Leeds United’s Raphinha, who was been touted with a move away from Elland Road in the latter stages of last season.
The report claims that Arsenal could make the winger their most expensive signing of the summer, with the Whites slapping a £60 million price tag on his head.
However, this deal could depend on whether the London club can shift Nicolas Pepe off their books - three years after joining them for a club-record £72 million fee.
Arsenal’s final target is Lisandro Martinez, with the Premier League side remaining interested after they saw a £30 million turned down for the Ajax defender.
While it is believed Martinez is also eager to make the switch, his contract in Amsterdam doesn’t expire until 2025 and so the Dutch club could demand a large fee for the 24-year-old - a number that won’t seem to be much of an issue for the high-spending Gunners.