Mikel Arteta's side have already splashed over £200million this summer to sign Kai Havertz, Jurrien Timber and Declan Rice as the Spaniard looks to close the gap on current Premier League champions Manchester City. But that hasn't stopped the Gunners from being linked with additional moves.
The latest player mooted as a potential target is Brazilian playmaker Bitello so football.london has rounded up everything that's been reported on the 23-year-old potentially making a move to north London below.
Arsenal confident
According to 90min, Arsenal are confident of securing a deal to sign Bitello this summer.
Their report claims that the player is also keen on a move, with the Gunners hopeful that they can sign the 23-year-old ahead of stiff competition. It is said that Monaco, Porto and Zenit St Petersburg are also interested in the Brazilian playmaker.
Interest confirmed
Transfer guru Fabrizio Romano has now confirmed Arsenal's interest in the versatile midfielder, claiming that the club's South American scouts are keen on the player.
"My understanding is that Bitello is one of many talents followed and monitored by Arsenal’s South American scouting team, as he’s doing very well at Gremio," Romano told CaughtOffside. "Let’s see if they will open talks in the next days; rumours have been there since one month but we’re still waiting for an official move or bid at the moment."
Deal close
According to Italian outlet TuttoMercatoWeb, Arsenal are close to completing a deal for Bitello this week.
The report claims that the Gremio star will move for a fee in the region of €10million (£6.8million), with the player attracting plenty of interest across Europe. The Brazilian club were said to have initially wanted €10million (£8.6million) for the player before the Gunners were able to secure a slight discount.
President speaks out
Gremio president Alberto Guerra has played down talk of midfielder Bitello leaving during the summer transfer window amid talk of a move to Arsenal.
Speaking to Zona Mista, he said: "There are a lot of people watching Bitello, but there is no proposal, even to reassure our fans, at the moment."
Monaco move played down
The talented playmaker had been linked with a move to Ligue 1 side Monaco recently and the player himself confirmed that the French club had made an approach before admitting that he is happy with life at Gremio.
"It seems that an offer has arrived, apparently from Monaco, but I haven’t spoken to my coach about it yet," he said, via GFFN. "I have a contract here.
"I am happy and focused on Gremio. The upcoming championship is thrilling."
Move mooted
Radio Guaiba's Rafael Pfeiffer reported earlier this month that Arsenal were interested in Gremio midfielder Bitello, with the club sending representatives to scout the player ahead of a potential move.
Perhaps Bitello's greatest strength is his versatility. Typically, he operates as an all-action No.8 in a midfield pivot or as a No.10.
But last season, he was also utilised as a false nine or right-winger on occasion. His ball-carrying is one of his greatest assets, frequently dribbling the ball up the pitch as a means of progression - making him extremely press resistant.
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