Arsenal could spend more than £200 million on recruits during the summer transfer window, reports the Evening Standard.
The Gunners could miss out on the title if Manchester City pick up a win in their remaining three games.
They also have to win their next two games and hope the reigning champions fail to pick up two points.
Arsenal are already preparing for next season with their chances of clinching the Premier League as slim as they come.
The north London club will look to bolster their squad depth, with a midfielder top of their plans.
Manager Mikel Arteta wants West Ham United captain Declan Rice, and he could also do with defensive reinforcements.
Arsenal are returning to the Champions League next term and will look to impress in the competition having last featured in 2016-17.
They will also look to challenge for the title again and will be keen to win the FA Cup and Carabao Cup.
The Gunners currently do not have enough players to challenge across four competitions.
An injury to French centre-back William Saliba derailed their title challenge.
Arsenal have won four out of the last nine games the 22-year-old has missed, losing two and drawing the other three.
Man City have caught up with them as a result, and they need quality depth across the pitch to challenge Pep Guardiola’s side.
They may need to spend up to £200m or slightly more to boost their chances of winning major trophies next term.
The outlay was not enough to get them far, and they have to do better this summer.
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