Mikel Arteta's Arsenal endured an underwhelming season, finishing well below expectations domestically. Their 8th place Premier League finish saw them miss out on European football for the first time since the 1994-95 season, while they were eliminated in the semi-finals of the Europa League.Arsenal's demanding fanbase expects the squad to be considerably redeveloped ahead of the upcoming season.Mass exodus looms large for Arsenal View this post on Instagram A post shared by James Maddison (@madders)The summer transfer window has already seen the exit of a number of key midfielders. Guendouzi has departed for Marseille while Granit Xhaka is reportedly on the verge of a move. Meanwhile, loanees Martin Odegaard and Dani Ceballos have returned to parent club Real Madrid.Arsenal need to replace these midfield options and have identified the services of James Maddison as a creative influence they want to acquire. However, Leicester City are playing hard negotiators and value the 24-year-old at close to £60 million in the transfer market.As a result, Arsenal may be forced to turn their attention to more practical targets. Here are 5 alternatives for the Gunners to pursue should they struggle to land the Leicester City man.#5 Luis Alberto, LazioAS Roma v SS Lazio - Serie AFormer Liverpool midfielder Luis Alberto has grown immensely since his time on Merseyside, finding himself a consistent goal provider for Lazio.A skilled counter-attacking midfielder, his quick release of the football and reading of the game is complemented by his accuracy to thread balls through the lines.While he might be a defensive liability, his work-rate and presence on the ball would allow him to replace the quality Ceballos and Odegaard offered to Aubemayang and Bukayo Saka. With his future up in the air, Luis Alberto could be tempted to a return to the Premier League should Arsenal make a reasonable bid for his services#4 Joe WillockNewcastle United v Sheffield United - Premier LeagueJoe Willock had hit a developmental block at the Emirates, with Mikel Arteta failing to trust the 21-year-old in his time with the Arsenal first team. A loan move to Newcastle United in January 2021, however, has brought a spark of excellent form.Willock contributed an outstanding return of 8 goals in 14 appearances to lead Newcastle to comfortable Premier League safety. He even equalled Alan Shearer's goalscoring record of netting in seven consecutive games.Recalling Willock to the Arsenal first team would be a popular decision with the fans, who have already seen Emile Smith Rowe progress as a first-team starter.🔥 Joe Willock has been voted the @premierleague Player of the Month for May!Massive congratulations, @Joewillock! 🙌⚫️⚪️— Newcastle United FC (@NUFC) May 29, 2021Blessed with immense pace and dribbling to match his 6'1 frame, the Arsenal academy product has developed a knack for turning up in the right place to score. By saving millions in the transfer market, which could be dedicated to fortifying other positions, a recall for Willock might be a practical option well worth considering.