The summer transfer window has now begun, with rumours and speculation continuing to swirl as Arsenal eye possible reinforcements.

The Gunners spent more than many expected last summer - most notably their club-record purchase of Nicolas Pepe - but were more reserved in January as they focused on bolstering their defensive options.

Here, Sports Mole rounds up the latest news on possible comings and goings at the Emirates Stadium.

Monday morning's Arsenal transfer talk news roundup:

Arsenal to submit improved bid for Houssem Aouar?

Arsenal are ready to come back with an improved bid for Lyon midfielder Houssem Aouar after seeing their initial offer swiftly rejected, according to a report.

Earlier this week, Lyon president Jean-Michel Aulas took to Twitter to confirm that the Gunners had tabled a bid for the Frenchman, but the offer was too little for Les Gones to consider a sale.

However, Arsenal are reportedly determined to land the 22-year-old before the transfer window shuts on October 5, and the Gunners are now preparing a significantly improved offer for the highly-rated Frenchman.

According to football.london, Arsenal's fresh bid for Aouar will include an initial fee of £36.5m, plus £9m in add-ons and performance-related bonuses.

Given the need for clubs to balance the books after being severely hit financially during the coronavirus pandemic, there is a suggestion that Lyon could be willing to accept a lower figure than the £55m that they were originally holding out for.

However, with a deal yet to be agreed for Aouar, the midfielder is set to be included in Rudi Garcia's squad for Lyon's clash with Lorient on Sunday.

Lyon to reduce Houssem Aouar asking price after rejecting Arsenal bid?

Lyon will consider lowering their asking price for Arsenal target Houssem Aouar, according to a report.

The French club's president Jean-Michel Aulas confirmed on Saturday that the Gunners have made an opening bid for the midfielder.

However, the amount offered by Arsenal fell substantially below Lyon's asking price, which is believed to be around £55m.

ESPN report that Les Gones could accept a smaller sum of around £40m later in the window, though, giving Arsenal hope of striking a deal if they hold their nerve.

Mikel Arteta's side are also believed to be keen on signing Thomas Partey, while Chelsea's Jorginho has recently emerged as another central-midfield alternative.

More transfer news from Arsenal:

Lyon president Jean-Michel Aulas confirms Arsenal offer for Houssem Aouar
Lyon president Jean-Michel Aulas says that Arsenal have had a bid rejected for French midfielder Houssem Aouar. Read more.

Torino pull out of Lucas Torreira pursuit
Torino sporting director Davide Vagnati claims that his side cannot afford to sign Arsenal midfielder Lucas Torreira, describing the Gunners' asking price as "too high". Read more.

Paris Saint-Germain 'contact Chelsea over loan move for Jorginho'
French champions Paris Saint-Germain make a loan offer for Chelsea midfielder Jorginho, according to a report. Read more.