Arsenal might have as little as £40m to spend on new players this summer, sparking the need for frugality unless the Gunners can seriously trim a vast wage bill and raise additional funds by securing Champions League qualification for the first time since 2016.
Arsenal have been absent from Europe's premier club competition for two consecutive seasons and their hopes of getting into the Premier League top four took another huge hit on Wednesday night after a 3-1 loss away at Wolves, a second defeat in as many games.
The club has spent heavily in recent transfer windows, breaking their club record to buy Alexandre Lacazette and Pierre-Emerick Aubameyang.
Big money has also been spent on Granit Xhaka, Shkodran Mustafi, Lucas Torreira and Bernd Leno since 2016, while Mesut Ozil signed a monstrous new contract last season.
According to the Daily Mirror, Arsenal manager Unai Emery might only be afforded £40m worth of new signings this summer. It is a figure that would rise if the club can secure Champions League football, but the report describes a necessary 'purge' on the current wage bill.
Cutting wages is likely to mean player sales, although exactly who remains to be seen. Ozil, for example, hasn't been a regular starter for Emery this season, but the club may struggle to move him on if potential suitors refuse to match his existing salary.
The Arsenal hierarchy will have to find a way to give Emery fresh players on a strict budget. The Mirror claims the Spanish coach is seeking a wide forward, potentially Bournemouth's Ryan Fraser, a box-to-box midfielder to replace Aaron Ramsey, as well as a new defender.
Signing someone in even just one of those targeted positions could eat most if not all of the rumoured £40m budget, seemingly making sales an absolute must.