Arsenal's transfer business so far this summer may appear understated on the surface compared to some of their rivals, but there is no doubt that the Premier League champions are a stronger side at the start of the 2026/27 campaign than they were last year.
Sporting director Andrea Berta has brought in five players already for a total of around £200million. The permanent signing of Piero Hincapie and the arrival of Illan Meslier as a back-up goalkeeper added crucial depth early on in the window.
Signing Christos Tzolis for £34million looks to be an absolute steal too, with the Greek winger on course to be one of the bargains of the summer after averaging a goal or an assist in every game so far for the Gunners. Finally, Berta has managed to sign Bruno Guimaraes and Ezri Konsa, two players with a wealth of Premier League experience who will ensure the rest of the squad remain hungry as they look to defend their title. That all gives Mikel Arteta the most stacked squad arguably in the whole of Europe.
Outstanding business to complete
But, with just under a week left in the window, there is some outstanding piece of business for Arsenal to complete to ensure it is a 10/10 summer. Berta is still yet to flog several players - namely Gabriel Jesus, Fabio Vieira and Reiss Nelson - who are surplus to requirements.
The expected departures of Ethan Nwaneri on loan and Gabriel Martinelli, who has been linked with a £50m move to Al-Hilal, in the coming days would provide a financial boost in the form of around £85m received. In turn, that sum would go a long way towards financing a move for their final signing of the summer - a long-awaited marquee forward.
With deals for primary targets Morgan Rogers and Vinicius Junior falling short in recent months, Julian Alvarez is the last truly world class forward being linked with a move to the Emirates Stadium. Arteta and Berta are said to be admirers of the Atletico Madrid striker - and they are ready to splash a club record fee to secure his signature.
Alvarez saga fracture
The Alvarez transfer saga has proven difficult to navigate so far, with Arsenal purposely keeping the powder dry until the final days of the window to see whether any deal is possible. Atletico have stated all summer long that their talisman is not for sale, insisting they will not sell to rivals Real Madrid or Barcelona, Alvarez's dream destination, under any circumstances.
Yet, the Argentine's repeated transfer demands have now led to a complete fracture in the relationship between him and the Spanish giants, with Atleti now open to letting him go for £128m after Alvarez was booed by his own fans on Sunday. Reports claim he has been slowly warming to the idea of joining the north Londoners in recent days, aided by his Barcelona move falling through and staying at the Metropolitano Stadium seemingly no longer being an option.
The dream scenario for Arsenal here would be to make a breakthrough and agree personal terms with Alvarez in the next few days. Berta, who brought the 26-year-old to Atletico two years ago, is more than capable of selling Arteta's project to the World Cup winner.
Martinelli sale to fund deal
The next step would be to reduce Atleti's asking price for Alvarez to around £120m, which would still be a club record fee paid for a player without entering the territory of absurdity. In order to do that, they must also sell Martinelli.
There is no doubt that Martinelli has been a great servant to the club since signing from Brazilian fourth tier outfit Ituano seven years ago. But his progress halted two years ago and it is the right time to cash in on the 25-year-old.
Arteta is well aware of the fact and has not included Martinelli in either of his two matchday squads in an effort to push the winger to accept an exit. In recent days, Martinelli's stance has changed to accepting a move to Al-Hilal. If Arsenal managed to agree a fee with the Saudi Pro League side, understood to be around £50m, it would go some way towards financing the Alvarez deal.
Clearing the surplus
The remaining players who Arsenal hope to move on - Nelson, Vieira and Jesus - will not necessarily help the Gunners recoup large funds, but are beneficial in terms of freeing up wages and squad space.
Berta has long wanted to sell all three players but the lack of suitors willing to pay a respectable fee has made it difficult to move them on. However, rumours surrounding West Ham's interest in Nelson are promising and the winger finally looks set to leave his boyhood club after 18 years for a reported fee of around £3m.
Meanwhile, Vieira continues to be interested in a move to Hamburg, having spent last season on loan at the Bundesliga club and impressed before they refused to cough up the money required to activate their option-to-buy. In an ideal scenario, Hamburg's desperation to land the playmaker would see Arsenal negotiate a deal worth roughly £15m.
Jesus is the hardest of the trio to move on, given the gap between his current ability and his mammoth wages, as well as a £20m price-tag. Even so, several clubs have approached Arsenal for the Brazilian this summer and lowering the asking price to £17m would, ideally, help the Gunners find a destination for the 29-year-old.
Nwaneri loan ideal
The final piece of business Arsenal should complete to cap off a dream summer window is securing a loan deal for Nwaneri. The club understand Nwaneri's desire to play regular first-team football and that's something Arteta has admitted he cannot promise, due to the plethora of midfield options he has at his disposal.
It is understood that Arsenal prefer to send the 19-year-old academy graduate out on loan but could be swayed by a large enough offer from one of the many clubs, both domestic and abroad, interested in him. With Martinelli on his way out already, Arsenal do not need to sanction Nwaneri's sale. And, given his potential to be a future superstar, they would be far better off finding another Premier League club for him to join on loan this season, so that they can reap the rewards of his progress further down the line.
