The Gunners have strengthened their squad after signing versatile defender Riccardo Calafiori from Bologna and making goalkeeper David Raya's loan move permanent. Teenage goalkeeper Tommy Setford has also joined from Ajax.
There have also been several outgoings, with Mohamed Elneny and Cedric Soares released and Mika Biereth sold to Sturm Graz, and more are expected before the window slams shut. With all that in mind, Mirror Football takes a look at some of the latest transfer news around the Emirates.
Gyokeres boost
Sporting Lisbon look to be preparing to sell Arsenal target Viktor Gyokeres this summer after paying to reduce Coventry's sell on clause.
Gyokeres has long been linked with a move to the Emirates after scoring 43 goals in 50 games for Sporting and Sport are now reporting that the Portuguese club have paid Coventry €2million (£1.7m) to reduce their 15 per cent sell on clause to just 10 per cent.
The move could pay off in a major way for Sporting, with Gyokeres having a €100m (£86m) release clause in his contract which the Gunners could trigger after missing out on top target Benjamin Sesko.
Merino update
Spanish midfielder Mikel Merino is also on Arsenal's radar, but Real Sociedad are desperate to keep him and have offered him a new deal.
"I would like him not to leave," club president Jokin Aperribay told Mundo Deportivo. If he tells us that he likes any of the offers he has on the table, we will see. We are not negotiating with any club now.
“We are aware that Merino has offers, and we know them. The conversation with him and those around him has been very sincere and hopefully his decision is to stay, he already knows that we want him to stay. He has had a renewal offer for some time."
Calafiori explains move
Calafiori has revealed a conversation with fellow Italy international Jorginho helped persuade that joining Arsenal would be a good move.
"I just met [Jorginho] one month ago, but I can see that he's a really good guy," Calafiori said. "I was already convinced but he forced me. He said: 'come, come, come! You will enjoy being here, the team is amazing and the staff, everything is good.'
"You can see that already from the first few minutes here. It's actually been my dream since I was 12 or 13 years old, because I can see the level of the league here and the best players in the world, for me, play here. It's a dream and not only for me, but for everybody."
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