The Gunners may be set for a relatively frugal summer after it was rumoured earlier this week that the transfer budget could be as little as £40m unless the club's wage bill is trimmed and there is a revenue boost by qualifying for the Champions League for the first time since 2016.
However, neither Gomes nor Bailly appear to be signings that would break the bank.
The player failed to establish himself at Barcelona following a €35m move from Valencia shortly after winning Euro 2016. And with the Catalans looking to raise money to fund their own transfer plans this summer, it is said he could be available for €30m (£25.9m). However, another report earlier in the week, which suggested interest from Serie A, put Gomes' asking price at just £17.5m.
Despite injury disrupting the start of his season, Gomes appears to have found his feet at Everton after admitting that he found the stress and pressure of playing for Barcelona overwhelming.
As for Bailly, The Sun alleges that Unai Emery is a big fan of the Ivorian centre-back stemming from his time as a coach in La Liga when Bailly was turning out for Villarreal.
The 25-year-old has been very much on the fringes at Manchester United and the tabloid report has tipped the Old Trafford club to take a financial hit on their £30m outlay. It means Arsenal or other suitors - L'Equipe has reported that Lyon are interested - could get him for £20m.
If Arsenal were to pull off deals for both Gomes and Bailly for the reported prices, it would put the combined total at no more than £46m and only marginally over their rumoured minimum budget, before any further funds have been raised.