Toney is currently serving an eight-month ban from football after breaching Football Association betting rules - but is set to return to Premier League action on January 17, 2024. The 27-year-old enjoyed a brilliant season for Brentford in the Premier League last term - scoring 20 goals in 33 appearances.
Arsenal spent over £200million on Declan Rice, Jurrien Timber, Kai Havertz and David Raya in the summer and will need to sell players in January if they are to sign Toney. The Gunners currently have a few options in Mikel Arteta's squad that they could look to move on to raise funds - whilst abiding Financial Fair Play (FFP) regulations - in order to sign the Brentford talisman.
Roy Keane believes Arsenal must sign a striker if they are to win the Premier League this season. Speaking on the Stick To Football Podcast, the United hero said: "They can win the league, but they do need a striker.
"The players you are talking about coming in, gives Arsenal that physicality. It’s great when you watch a team that can play with the ball, but is also physically strong.
"You have seen City get stronger over the past couple of seasons, at set-pieces are huge. They need those physically strong players to get them over the line."
The Bees have set a £60million asking price to let Toney leave the club in January. The England international recently changed agents as he plots a move away from Brentford with Arsenal among the clubs considering a move to sign him, so football.london has taken a look at the players the Gunners could sell to fund a move for the 27-year-old.Aaron Ramsdale
Aaron Ramsdale is facing an uncertain future at the Emirates Stadium after being replaced as Arsenal's first choice goalkeeper. The England international could look to move away from the Gunners in January if he does not start more games ahead of the transfer window opening.
Chelsea have been linked with a move for Ramsdale, but it's unclear whether Arteta would consider selling him to a direct rival. The 25-year-old signed a new long-term contract earlier this year which could see Arsenal command a high transfer fee if they were willing to let him leave the club with David Raya now clearly Arteta's preferred choice in goal.
CIES Football Observatory value Ramsdale at €80million (£69million) - a fee that would cover the cost of signing Toney.
Cedric Soares
Cedric Soares has fallen down the pecking order at Arsenal after returning from a loan spell with Fulham last season. The Portuguese defender has Ben White and Takehiro Tomiyasu ahead of him in Arteta's squad, whilst Thomas Partey has also filled in at right-back this season.
Cedric's contract expires next summer and January represents the last opportunity for Arsenal to recoup a small fee for his services. However, the 32-year-old may instead look to agree a pre-contract with a foreign club ahead of the 2024/25 season starting next summer.
Emile Smith Rowe
Emile Smith Rowe has fully recovered from his injury woes but remains a fringe player in the Gunners' squad at present. Kai Havertz's arrival in the summer only increased competition for places in midfield, whilst Fabio Vieira has also impressed so far this season.
Chelsea had an approach to sign Smith Rowe rejected on deadline day but unless he starts more games for Arsenal before January, he may need to consider a move away from the Emirates Stadium. CIES Football Observatory value the Hale End graduate at €20million (£17.2million) - though they would likely target a much higher fee which could be reinvested towards signing Toney.
Mohamed Elneny
Mohamed Elneny is another player who has under a year left on his contract at Arsenal. This could see the Egyptian midfielder leave the club in January for a small fee before becoming a free agent next summer.
Reiss Nelson
Reiss Nelson has found minutes hard to come by at Arsenal with Bukayo Saka playing ahead of him in attack. Nelson could be used as part of a player plus cash deal to sign Toney - or his exit could bring in a good amount of money to reinvest into a deal for the Brentford star.
Eddie Nketiah
Eddie Nketiah would fall down the pecking order if Toney was signed. It makes sense for Arsenal to try and sell the 24-year-old if they are serious about bringing the Brentford striker to the Emirates Stadium as he would likely replace him in the starting XI.
Gabriel Jesus' ability to play on the wing means that the Brazilian could line up alongside Toney in attack for Arteta. Nketiah's exit could potentially raise as much as €50million (£43million) - as per CIES Football Observatory - which would go along way to helping the Gunners sign Toney ahead of Chelsea and Spurs.
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