The Gunners have already brought in Lukas Podolski, and the arrival of Montpellier forward Olivier Giroud appears to be imminent. Arsenal are also a frontrunner to add Rennes midfielder Yann M'Vila.
While new faces are arriving, there is likely to be a number of players who are permanently on their way out of the Emirates. Andrey Arshavin, Denilson, and Carlos Vela, are just a few names that might exit the club.
One player in particular has been subjected to a great deal of transfer speculation. In recent weeks, several media outlets have reported on forward Nicklas Bendtner's impending departure.
Talksport linked Bendtner to Portugal club Benfica, while the Daily Mirror had the 24-year-old Dane as a target for Swansea City. Caughtoffside.com reported that new Liverpool manager Brendan Rodgers has his sights set on Bendtner.
The possibility of Bendtner leaving the Gunners is nothing new. In March, he was linked to Russian side Anzhi Makhachkala and German club Hannover 96, as Sunderland reportedly were not interested in making his loan permanent.
In August, Bendtner was said to be interesting several Bundesliga clubs, including Borussia Dortmund and Hamburg.
I've done my part and now I'm just waiting, said Bendtner, in the summer of 2011. I can't say anything about who I've been speaking to, but hopefully it will all be sorted out soon.
Arsenal ultimately decided to loan Bendtner to the Black Cats, where he scored eight goals in 28 appearances for a club that finished the season in 13th place in the Premier League.
Another forward who may have already played his last game with the Gunners is Marouane Chamakh. According to Sport 10, Bordeaux president Jean-Louis Triaud believes the 28-year-old Moroccan is done at Arsenal.
Chamakh's wages appear to be a stumbling block in Arsenal's ability to move him back to Ligue 1. Chamakh had been linked to Bordeaux, as well as Montpellier, Paris Saint-Germain, and Serie A club Fiorentina.
While Bendtner and Chamakh may still have some value on the market, the same can probably not be said for Sebastien Squillaci.
The French defender has been considered a major disappointment since his arrival from Sevilla in the summer of 2010. Despite numerous injuries to defenders in last season, Squillaci failed to start a single Premier League match.
The Sun reported that newly promoted Ligue 1 club Bastia were interested in the 31-year-old centre back. That seems rather implausible given Bastia's meager payroll, and the fact that Squillaci reportedly earns £60,000 a week.