Arsenal first-team players, head coach Mikel Arteta and other core coaching staff have agreed to take a 12.5 per cent pay cut due to the coronavirus pandemic.
The Premier League team say some of the money could be repaid if the club meets certain targets in the coming seasons.
The arrangement is voluntary but the overwhelming majority of the Arsenal players have agreed to the pay cut.
A small number of players have yet to agree - but the offer to take the 12.5 per cent cut will remain on the table, so they could still do so in future.
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An Arsenal statement read: "We are pleased to announce that we have reached a voluntary agreement with our first-team players, head coach and core coaching staff to help support the club at this critical time.
"The move follows positive and constructive discussions.
"In these conversations there has been a clear appreciation of the gravity of the current situation caused by the COVID-19 pandemic and a strong desire for players and staff to show their backing for the Arsenal family.
"Reductions of total annual earnings by 12.5 per cent will come into effect this month, with the contractual paperwork being completed in the coming days.
"If we meet specific targets in the seasons ahead, primarily linked to success on the pitch, the club will repay agreed amounts.
"We will be able to make those repayments as hitting these targets, which the players can directly influence, will mean our financial position will be stronger.
"The agreement is based on the assumption we will finish the season 2019/20 and receive the full broadcasting revenues. The resulting savings will help cover some of the financial risks we have this season in relation to our matchday and commercial income.
"We are proud and grateful to our players and staff for pulling together to support our club, our people and our community in these unprecedented times which are some of the most challenging we have faced in our history."