The Gunners have sought to strengthen this summer having pushed Manchester City close in last season's Premier League title race.
They have splashed out £105m on Declan Rice, £65m on Kai Havertz and £36.5m on Jurrien Timber in the hope they can end a two-decade wait for the league title.
So far, their headline departure has been former captain Granit Xhaka, who moved to Bayer Leverkusen for £21.4m, with the sales of Pablo Mari, Matt Turner and Anton Trusty also swelling the coffers slightly.
But more players deemed surplus to requirements are likely to follow them out of the door before the transfer window shuts on September 1.
Up to nine players could be trimmed from Mikel Arteta's Arsenal squad before the deadline
Up to nine players could be trimmed from Mikel Arteta's Arsenal squad before the deadline
Arsenal have started the season with two Premier League wins from their opening two games
Arsenal have started the season with two Premier League wins from their opening two games
It isn't that Arsenal are feeling the heat with Financial Fair Play rules like some of their rivals - club revenue streams have risen significantly to offset big spending in recent years, and they're now back in the lucrative Champions League too.
Indeed, any funds raised could well be reinvested right away with cover at centre-back a priority after Timber's ACL injury. Crystal Palace's Marc Guehi is a defender admired by the Gunners.
We take a closer look at the players who could be moved on to facilitate this in the final days of the window.
Folarin Balogun
Age 22, striker, 10 first-team appearances
No supporter likes to see a talented academy product leave but Arsenal believe they can get £50m for Balogun, a player who has spent the past season-and-a-half out on loan.
The 22-year-old striker has spent part of the summer away from first-team training and hasn't featured in Mikel Arteta's match-day squad so far this season.Balogun spent last season on loan at Ligue 1 club Reims and impressed by scoring 22 times in 39 matches. Prior to that he spent time at Middlesbrough.
Chelsea, West Ham and Tottenham have all enquired after Balogun this summer but it's French club Monaco rather than these Premier League rivals who have shown the most interest in the United States international.
Arsenal anticipate an improved offer from Monaco by the end of the week, closer to their asking price.
Arsenal believe they can get £50million for academy graduate Folarin Balogun
Arsenal believe they can get £50million for academy graduate Folarin Balogun
Gabriel Magalhaes
25, centre-back, 121 appearances
Question marks have been raised about the Brazilian's Arsenal future after Arteta left him out the starting XI for the wins over Nottingham Forest and Crystal Palace that have opened the campaign.
Ben White has been favoured alongside William Saliba, with Gabriel, who started all 38 Premier League matches last season, restricted to late cameos off the bench.
Gabriel has been linked to Real Madrid, who need a replacement for the long-term injury absentee Eder Militao, and a host of rich Saudi Arabian clubs.
He is likely to stay given the four years remaining on his contract and the Timber situation but there's a small chance Arsenal would consider letting the centre back leave if they could find an upgrade on him.Kieran Tierney
26, left back/centre back, 124 appearances
Scotland international Tierney has been a target for Newcastle, Aston Villa and Real Sociedad this summer, while a return to old club Celtic has also been mooted.
He has been left out of both matchday squads for Premier League games so far this season, having started only a handful last season following the arrival of Oleksandr Zinchenko.
Tierney will definitely wish for more game time with an eye on Scotland's likely qualification for Euro 2024 but any deal needs to be wrapped up sharpish.
Kieran Tierney could depart in search of greater game time away from the Gunners
Kieran Tierney could depart in search of greater game time away from the Gunners
Takehiro Tomiyasu
24, full back/centre back, 55 appearances
Crystal Palace have shown an interest in the versatile Japan defender this summer.
He played a bit-part role in various positions across the back line last season before missing the final weeks of the campaign to undergo knee surgery.
Tomiyasu has started this season by getting himself sent off against Palace on Monday but Timber's own injury setback means Arsenal are less likely to countenance selling him.
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