Arsenal manager Unai Emery will continue to work with a restricted budget this summer, with reports claiming he will have between £40m and £45m to spend on new players when the transfer window re-opens.
A frugal approach from the board in January meant the Gunners were restricted to making loan signings, with Denis Suarez ultimately the only arrival, after links to a host of players including Ivan Perisic and Christopher Nkunku.
Now according to the Mirror, Arsenal will have only £40m to spend this summer, as Emery faces a daunting task to gain ground on the Premier League's elite. The Daily Mail is slightly more optimistic in its own report, claiming Emery will have £45m in his transfer budget.
According to the reports, Arsenal are already close to the limits on Financial Fair Play rules, while US owner Stan Kroenke is unwilling to pump huge funds into the club.
As a result, Arsenal may end up selling to buy this summer, with a number of high-profile, underperforming stars at risk.
Mesut Ozil is one such player, with his future the subject of much speculation during the January window. Currently on a £350,000-a-week contract, the World Cup winner has struggled to impress under Emery and may be moved on to free up transfer funds as well as significantly lower the wage bill. However, finding a buyer considering the massive financial outlay required for an attacking midfielder the wrong side of 30 may not be easy.
With regards to the wage bill at the Emirates Stadium, trio Danny Welbeck, Aaron Ramsey and Petr Cech will all depart to that end this summer, while Shkodran Mustafi could also be sold.
According to the Mail's report, Emery wants three new players in this summer, including a new left back. However, should they wish to make on-loan Suarez's move a permanent one at the pre-agreed £18m, they could end up spending half their budget.
Arsenal, who next face Huddersfield on Saturday, are currently sixth in the Premier League and face a third consecutive season without the benefits of Champions League football, as they battle Manchester United and Chelsea for fourth spot.