"Around £70 million will be available for squad strengthening this summer, with Arsenal targeting “three or four” players, including a genuinely world-class striker to fill the void that has been left by Robin van Persie."
The Telegraph claims on the shortlist are Jovetic, Capoue, plus one of Valdes, Reina, Begovic, with David Villa on the backburner/
Assuming they can get four players for that sort of money - Here's our view on how they should spend it...
1) Stefan Jovetic £25 million
The Fiorentina attacker is Arsenal's 'most wanted' and is a target also for Chelsea and Manchester City. If Arsenal can tempt the 22-year-old striker it will show Europe that Arsenal mean business and be the catalyst for more big name signings to head their way.
2) Victor Wanyama £10 million
Arsenal need a defensive midfielder and there are few better prospects right now than Kenyan youngster Wanyama. He has impressed in the Champions League this season and Arsenal should move for him before Manchester United do.
3) Micah Richards £15 million
With Bacary Sagna likely to leave, Arsenal need a right-back and City's Micah Richards could be ripe for the picking. Currently injured, Zabaleta was first choice at City before that, and Mancini showed his lack of faith in him by signing Maicon in August. He can also play centre-back too, making him an excellent addition for the Gunners.
4) Angel di Maria £20 million
Arsenal should ship out Gervinho and Arshavin and bring in a world class winger, especially with Walcott's desire to play in the centre. Angel di Maria is proven and has had an up and down year in Madrid so may be open to a move, and Arsenal should try and tempt him away and reinvigorate their attacking options.
Arsenal fans - How would you spend the £70 million?