The Gunners narrowly missed out on fourth place in the 2021-22 season, finishing two points behind north London rivals Tottenham Hotspur to drop into the Europa League.
However, they will look to address their shortcomings and rebuild their squad to achieve more success next season with a massive expenditure planned for new signings.
Manchester City star Gabriel Jesus and Leicester City's Youri Tielemans have already been linked with a transfer, but a report from The Sun claims the Gunners plan to clear out their squad first to raise funds.
The sale of Matteo Guendouzi and Konstantinos Mavropanos to Marseille and Stuttgart respectively has already raised £12.5 million.
Alexandre Lacazette and Eddie Nketiah could depart as free agents after their contracts expire on July 1 with no extension agreed yet.
Bernd Leno, Hector Bellerin, Ainsley Maitland-Niles, Pablo Mari and Lucas Torreira are some of the players deemed surplus to Arsenal's requirements and could be offloaded this summer too.
But there are challenges in finding suitors given the selling price of some of these players.
Torreira is wanted by Fiorentina, but they say they cannot afford his £12.5 million asking price whereas Benfica are hesitant to meet Leno's £8.5 million valuation.
Real Betis are interested in signing Bellerin permanently after his successful loan spell in the 2021-22 season. However, his £100,000-a-week in wages are becoming a barrier in sealing a transfer.
Pablo Mari also impressed on loan at Udinese, but the Serie A minnows don't have the funds to make his move permanent.
Arsenal looking to end Champions League wait
It's been five years since Arsenal were last seen in the Champions League and, having narrowly missed out on a return this time, have already begun planning for the next campaign.
It's a real statement of intent from the club, having shown great promise in the 2021-22 season with a young and exuberant squad.
Head coach Mikel Arteta successfully turned their campaign around after starting off with three consecutive defeats and with the Spaniard now rebuilding the squad, the Gunners faithful will be excited to see what's to come from him in the days ahead.
Paul Merson has predicted the results for Chelsea vs Tottenham and other GW 2 fixtures! Click here