Depending on what paper you read, Fiorentina striker Stevan Jovetic and/or Aston Villa star Christian Benteke could be on their way to the Emirates stadium.
The 23-year-old Jovetic is linked in the Daily Mirror and the paper says the Montenegro international could be the key signing in a summer spending spree at the club.
"(Arsenal) have been watching Jovetic and been impressed and will have money to spend this summer to try and rebuild with a defender, a goalkeeper and a holding midfielder on the wish list," the paper says.
"Toulouse midfielder Etienne Capoue, Liverpool keeper Pepe Reina and Marseille defender Nicolas N'koulou will also be watched in the coming months as the Gunners firm up their list of summer targets."
The Daily Star links the Gunners with Benteke though with the paper saying that the young Belgian has already decided to quit Villa at the end of the season "even if he helps them avoid relegation"
The Star says that Manchester City, Arsenal and Chelsea are all keen on the 22-year-old but note that "Gunners boss Arsene Wenger is leading the race to sign Benteke, who has made no secret of his love for the London outfit."
The one potential signing that could excite Arsenal fans more than any other though comes off the pitch with rumours that club legend Patrick Vieira could return the club.
The Daily Mail reports that Wenger has "sounded out" his fellow Frenchman about potentially replacing the departing Liam Brady as head of youth development.
With Dennis Bergkamp being the other man most linked with the position, there is a fair chance that Arsenal fans will be welcoming back one of their favourite sons to replace Brady, who himself would be one of the first names in any Arsenal Hall of Fame.
Across North London to Tottenham and the Guardian reports that Real Madrid are preparing a summer move for Gareth Bale after Spurs' manager Andre-Villas Boas admitted that he could struggle to keep the Welsh star if Tottenham failed to make the Champions League.
Frank Lampard's future at Chelsea also remains up in the air with reports mixed as to whether or not he has been offered a one-year deal by Chelsea.
The Daily Star reports that such a contract is not out there and with numerous other offers on the table, Lampard is leaning towards a potential move to Manchester United where he has been reportedly been offered a £65,000-a-week deal one-year deal with a further 12-month option.
Santos president Luis Alvaro de Oliveira Ribeiro has rejected the idea of selling his prize asset Neymar to Manchester City, insisting he will stay at the club until at least the 2014 World Cup. (Daily Mail)
Stoke City may loan out Jack Butland for all of next season unless they receive a huge bid for current first choice goalkeeper Asmir Begovic, who has been linked with both Manchester City and Manchester United. (Daily Mirror).
And finally, Fulham are hoping to turn Sascha Riether's season-long loan move from Cologne into a permanent deal. (Daily Express)