The Gunners have finished second behind Manchester City for the past two seasons, but will be feeling confident about their title chances this year. They have once again strengthened their squad significantly by making David Raya's loan move permanent and signing Riccardo Calafiori.
There have also been some significant departures, including Emile Smith Rowe and Mohamed Elneny, and more movement is expected before the transfer window slams shut. With that in mind, Mirror Football takes a look at some of the biggest transfer stories from the Emirates.
Arsenal step up Merino talks
Arsenal's sporting director Edu has been in Spain this week to try and seal the signing of Mikel Merino.
The midfielder is keen on a return to the Premier League, having previously played for Newcastle, and Real Sociedad are said to be resigned to losing him as he enters the final year of his current contract.
Arsenal are confident they can reach an agreement with Sociedad, but they are also looking to sell someone before completing the deal. Eddie Nketiah is the likeliest player to leave, with Bournemouth among the clubs interested in his services.
Arteta sent warning
Two-time Premier League winner Joe Hart has warned Arsenal could still fall short in their title bid even if they sign a prolific goalscorer this summer.
Arsenal have been heavily linked with moves for a number of strikers, but Hart has sent a warning to the Gunners. "It's not as simple as someone who can score 25," Hart told Mirror Football.
"They're not doing something small here, they are trying to topple one of the great teams. It's hard to look past Arsenal as the closest challengers. They've got the solid foundations but they're not standing still."
Toney receives huge offer
Brentford star Ivan Toney is one of the strikers Arsenal have been linked with, but the 28-year-old has now emerged as a target for Saudi Pro League side Al-Ahli.
It is understood that Al-Ahli are willing to offer Toney a huge three-year deal that would see him earn more than seven times his Brentford salary. It remains to be seen where Toney's future lies as he enters the final year of his current contract, but Brentford boss Thomas Frank is optimistic he will remain in West London
"There's been a lot of talk about Ivan," Frank told Sky Sports. "The last six months, about will he leave this summer. So far he's still a Brentford player, so I think we're getting closer and closer to that he is actually a Brentford player [this season]."
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