Although the Gunners are restricted to a certain degree, they are expected to make player sales in order to offset any significant financial outlay.
However, with that scenario potentially involving a wide range of players, Arteta will be keen to rid his squad of any uncertainty as soon as possible.
Here, Sports Mole rounds up the latest news on possible comings and goings at the Emirates Stadium.
Since the arrival of Arteta in December, Alexandre Lacazette has contributed just six goals in all competitions.
Although some of those strikes have come in important fixtures, the Frenchman has sometimes lost his place in the team to academy graduate Eddie Nketiah.
With that in mind, The Athletic suggests that Arsenal are prepared to include the forward in a swap deal for any one of three Juventus players this summer.
With the likely arrival of Willian, Arsenal are going to be well stocked for options in wide areas heading into the new season.
However, according to The Sun, Arteta is giving consideration to adding another winger to the first-team squad in the coming weeks.
The report suggests that Ajax's Quincy Promes, who may be valued in the region of £25m, is currently on the Spaniard's radar.
In his first season at the Dutch giants, the 28-year-old contributed 16 goals and five assists from just 28 appearances in all competitions.
The Netherlands international still has four years remaining on his contract.
After the resumption of action in June, Dani Ceballos emerged as a key man for Arteta in the centre of Arsenal's midfield.
With Real Madrid open to raising funds for new players, it has thrown open an oppportunity for the Gunners to turn the 24-year-old's loan stay into a permanent one.
However, according to AS, Zinedine Zidane has had a change of heart regarding the player's future, instead giving serious thought to using him in his squad next season.
While Ceballos is said to have preferred remaining at the Bernabeu in the past, the 24-year-old is eager to secure first-team football ahead of next year's European Championships.
The player still has three years left on his deal at the La Liga champions.
More transfer news from Arsenal:
Arsenal learn asking price of Porto midfielder Danilo Pereira?
Arsenal will reportedly need to pay in the region of £27m if they wish to sign Porto midfielder Danilo Pereira. Read more.