#3 Memphis Depay
Meanwhile, Alexandre Lacazette and Eddie Nketiah have been rumoured with a summer exit from Arsenal, while team captain Pierre-Emerick Aubameyang has been out of form for most of the season.
Arsenal could therefore bring in Memphis to address their offensive woes. The versatile Dutchman can play on either wing as well as in the number 10 position.
Depay was on the verge of joining Barcelona last transfer window. However, the move collapsed, forcing him to stay in France for one more season.
His contract, however, expires this summer, and according to reports, he may not extend his stay with the Ligue 1 outfit.
#4 Martin Odegaard
Martin Odegaard, like Ceballos, is a Real Madrid loanee at Arsenal. The Norwegian playmaker joined Mikel Arteta's side in January and has impressed.
That has prompted both the Arsenal fans and the board to seek a permanent deal for the player.
The 22-year-old has been a Real Madrid player since 2015 but has never really secured his place in the first team. He joined Mikel Arteta's side after being scarcely used by Zinedine Zidane in the first half of the season.
While Odegaard has always claimed he wants to play for the Bernabeu outfit, he has not closed the door on joining Arsenal, where he is getting ample opportunities to showcase his abilities.
A return to Real Madrid for Odegaard might depend on Zinedine Zidane's future at the club. However, with Zidane remaining in charge for the foreseeable future, Odegaard could well end up signing for Arsenal, who are interested in his services.
#5 Houssem Aouar
Houssem Aouar is among the long list of talents produced by Lyon over the years. The midfielder was promoted to the first team in 2016 after impressing at the academy.
His performances last season at Lyon saw him attract interest from several clubs, with Arsenal being the frontrunners for his signature. The Frenchman was Arsenal's number one transfer target last summer. But financial difficulties brought about by the COVID-19 pandemic saw the London club opt for Thomas Partey instead.
It is therefore expected that Arsenal could return for Aouar this summer, as they still retain an interest in the services of the midfielder.
Arsenal look set to let go of wantaway midfielders Matteo Guendozi and Lucas Torreira, who are currently at Hertha Berlin and Atletico Madrid, respectively. Aouar could, therefore, be brought in as the Gunners look to return to Europe's prestigious competition.