Arsenal are interested in signing James Maddison from Leicester City but are still monitoring Martin Odegaard's situation at Real Madrid, as they look to sign an attacking midfielder this summer.
Leicester do not want to sell Maddison and, in the current market, sources outside the club expect it would take in excess of £70m for them to even consider a transfer for the 24-year-old.
The Foxes are under no pressure to sell as Maddison is under contract until 2024.
- Arsenal fixtures 2021/22: Gunners start with Bees & Chelsea
- Transfer Centre LIVE! Raphael Varane, Harry Kane, Paul Pogba, Jack Grealish latest
Arsenal are also "keeping an eye" on Odegaard's situation at Real Madrid.
The Norway midfielder spent the second half of last season on loan at the Emirates but has since returned to Real to fight for his first-team place.
Odegaard appeared to rule out a return to Arsenal in an Instagram post earlier this month, but there are growing reports in Spain suggesting Real could allow him to leave with his contract due to expire in 2023.
Permanent moves for either player would require hefty transfer fees and it is understood that Arsenal may need player sales to help fund moves in the market.
The Gunners also remain interested in doing a deal for Sheffield United keeper Aaron Ramsdale with discussions over a fee continuing through intermediaries.
Sky Sports News reported earlier this week that there is an interest in Chelsea striker Tammy Abraham, with Arsenal preferring a loan move.
Meanwhile, Ben White's £50m move from Brighton has entered the final stages and should be completed in the coming days.
Xhaka exit dragging on; Bellerin in Inter talks
Granit Xhaka's potential move to Roma is still dragging on as a gap in valuation still exists between Arsenal and the Serie A side. All parties remain hopeful a transfer can be agreed this summer.
Hector Bellerin's agent was in Milan last week negotiating a move to Serie A champions Inter Milan.
Inter want to sign the Arsenal right-back on loan but Arsenal want a sale, or at least a loan with an obligation to buy.
Bellerin's contract is up in 2023 and there are no plans from Arsenal or Bellerin to extend his stay at Emirates Stadium. The club believe this window represents the optimum time to maximise a transfer fee.
Newcastle United are still working on a deal to sign Joe Willock after his successful loan spell on Tyneside last season. Arsenal are open to letting him go despite manager Mikel Arteta publicly saying he was part of his plans.
The Gunners are also open to allowing strikers Alexandre Lacazette and Eddie Nketiah to leave the club this summer with both having entered the final year of their contracts.
Moves for either striker would free up squad space for a new signing, with Chelsea's Abraham a potential option.
Arsenal would also consider selling Ainsley Maitland-Niles and Reiss Nelson if the right offers came in. Both academy products are currently contracted until 2023.