IN the wake of their failed, albeit unexpected, title bid, Arsenal are already plotting to strengthen their squad, with Mikel Arteta reportedly set to be given in the region of £200million to splurge this summer.

As soon as Champions League football was confirmed for next season a significant shuffle was always going to be on the cards, with Arteta and sporting director Edu both well aware that the club currently lacks the strength-in-depth to tackle both the Premier League and Europe’s premier club competition.

The Gunners are widely rumoured to be preparing to shatter their transfer record to sign Declan Rice, but are said to be unwilling to meet West Ham’s £120m asking price for the midfielder.

Although Rice is still thought to be at the top of their shopping list, there are cheaper alternatives available – including revisiting a deal to sign Moises Caicedo, who impressed yet again on Sunday when Brighton thwacked Arsenal 3-0.

Excited Gooners have been speculating this week that Caicedo might just have had one eye on a move to the Emirates when he very quickly voiced regret for a poor challenge that forced Gabriel Martinelli off with an ankle injury. The Ecuadorian tweeted: “If I could turn back time I wouldn’t have made that bad tackle.”

Buying clubs will no doubt be hoping to sign Southampton’s best performers for minimal fees after they were relegated – with Arsenal among those thought to be keeping an eye on versatile defender Tino Livramento and midfielder Romeo Lavia.

The Gunners will also be keen to add more creativity to their midfield, and could finally make a move for Youri Tielemans. The 26-year-old will be a free agent this summer when his current deal with Leicester City expires.

A bid to balance the books means there will also be a number of players heading for the Emirates exit, including Folarin Balogun. The striker, whose decision to switch international allegiance from England to the US was approved by FIFA this week, has been in sensational form during his season-long loan spell with French side Reims, netting 19 goals in 34 league appearances. It’s been suggested that the Gunners would be willing to let Balogun leave for in the region of £35m.

Granit Xhaka is also poised to leave Arsenal at the end of the season with speculation that Bayer Leverkusen are already in advanced talks to sign the midfielder for £13m.

Ask Arteta where he would like to strengthen and he will, of course, tell you that his only concern is Arsenal’s final two games of the campaign – away to Nottingham Forest this Saturday, and then a home match against Wolves on the final day of the season.