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Arsene Wenger's time with Arsenal might finally come to an end if the club fails to reach Champions League. Getty

With Arsenal's 2017-18 Champions League hopes in serious jeopardy, calls for a new manager appear to be growing after 21 years under Arsene Wenger. The Gunners remain in FA Cup contention but are currently competing in what looks like a three-way race with Liverpool and Manchester United for the coveted fourth-place finish in the Premier League, forcing big questions about the direction of the club.

The possible exit of Wenger, 67, who has yet to sign a new contract for next season, may mean an overhaul of the north London club's roster. Meanwhile, two notable names might be on their way out.

Star forward Alexis Sanchez and playmaker Mesut Ozil are under contract until June 2018 but there has been widespread speculation that both 28-year-olds could leave the Emirates this summer. Sanchez has been linked to Chelsea, while Ozil might be headed to Bayern Munich. Wenger, who remains confident that he will remain as manager, has stated that he expects both players to stay with Arsenal.

Whether Wenger, Sanchez and Ozil stick around will all play a large role in Arsenal's summer plans. Some familiar names have resurfaced in transfer rumors this week but so have some new names.

Alexandre Lacazette, who has reportedly been on Arsenal's radar since January 2015 and perhaps even longer, has once again been named as a Gunners target. According to Spanish outlet Marca, Arsenal and Atletico Madrid will both pursue the 25-year-old Lyon striker. Lacazette has also been linked to Liverpool and West Ham.

Barcelona midfielder Arda Turan is also back on Arsenal's radar, according to the London Times, with Arsenal planning a £25 million summer bid. The Sun had linked Turan to Arsenal last summer but it might be a stretch to think the 30-year-old Turkish star will leave Nou Camp with three years remaining on his contract.

"There is currently no offer, there is nothing to speak of right now," Ahmet Bulut, Turan's agent, told ESPN.

The new players linked to Arsenal include Everton's Ross Barkley and Leon Goretzka of Schalke 04.

Barkley, a native of Liverpool, joined Everton at the age of 11. He has over 140 appearances with the Toffees, but there has been so much talk that he could exit Goodison Park that it seems plausible he might accept a move to London, with Tottenham and Chelsea reportedly joining Arsenal in their interest in the attacking midfielder. Barkley is entering the final year of his contract, and manager Ronald Koeman has even addressed the possibility of the 23-year-old leaving Everton when he said, "football is a business."

With Goretzka turning down a contract with Schalke, the Daily Mirror reported that Arsenal will be competing with Tottenham to land the 22-year-old midfielder. Goretzka seems like an ideal fit for Arsenal, given his youth and skill.

However, it seems obvious that it won't be just Arsenal and Spurs competing for such a burgeoning star. Goretzka, who has been valued as low as £20 million ($25 million dollars), has received praise for his versatility and many elite European clubs will likely bid for his services. Bayern Munich, Real Madrid and Manchester United might show interest in a summer devoid of superstar talent.