Arsenal chairman Peter Hill-Wood has insisted that the club have the financial means to compete with teams around Europe for the best football talent.

The Gunners have been under scrutiny in recent weeks following their exit from the FA Cup and a damaging 3-1 deficit to Bayern Munich in the Champions League.

While the North London outfit have often been criticised for allowing players including Cesc Fabregas, Alex Song, Samir Nasri and Robin van Persie to leave the Emirates Stadium, Hill-Wood is adamant that manager Arsene Wenger will have money to spend this summer.

"We are in a position where we can compete with most people," Hill-Wood told the Daily Star. "If there is someone we really want, then the price guide is secondary."

Meanwhile, Arsenal are currently fifth in the Premier League table, two points adrift of Chelsea.