Arsenal's distant hopes of completing a deal for the much sought after Eden Hazard were finally dashed with the Belgian star completing a move to Chelsea on Monday. And according to the Daily Mail, boss Arsene Wenger could be set to lose out in his pursuit of another long-time target, Yann M'Vila.

The paper reports that Wenger has become frustrated over the prolonged transfer, which was widely expected to be completed for close to £17 million. Indeed, Arsenal is now said to be lining up an alternative in the form of Manchester City's defensive midfielder Nigel de Jong.

The Dutchman enjoyed a largely frustrating campaign as he started just 10 Premier League games for the title winners. That lack of first-team action means that De Jong, 27, would potemtially be available for less than M'Vila, though his signing is unlikely to excite Arsenal's fans to the same degree.

The Mail also claims that Wenger is keeping close tabs on fellow-holding midfielder Anzhi Makhachkala's Odil Ahmedov.

Signings are needed at the Emirates this summer, not only to aid the club's quest for its first silverware since 2005, but also to persuade Robin van Persie that his future lies with the Gunners.

But, regardless of Van Persie's decision, Wenger is sure to be looking for a striker to take some of the burden off the prolific Dutchman. Long linked with a move for Olivier Giroud, Wenger is also closely looking at Fernando Llorente, according to the Mail.

The Spanish international has had an outstanding season at Athletic Bilbao and, accordingly, is said to have a buy-out clause of £28 million. That is a price unlikely to be paid by the Gunners, especially for a player that may purely be a secondary option to main man Van Persie.

It also appears increasingly doubtful that the Emirates will become the new home for Mathieu Valbuena next season. Long admired by Wenger, according to TalkSport, the creative Frenchman looks set to remain at the Stade Velodrome.

I will remain faithful, Valbuena told L'Equipe. I did not want to leave the club like that, finishing tenth.

I am very much attached to the club. It's hard to leave. There are disadvantages to that but benefits too.

And, according to the Mirror, the Gunners will also miss out on another offensive target, Salomon Kalou. The Ivorian will be leaving Chelsea on a free this summer and was long thought of as a likely signing for Arsenal. But Kalou will now reportedly move to Germany with Bundesliga outfit Schalke.

But Arsenal has been given more encouragement if they deciede to make a move for Fulham's Clint Dempsey. After 17 goals in the Premier League for Fulham last season, many of England's top clubs, including Arsenal, are said to be considering making an offer for the American, who has just a year remaining on his contract at Craven Cottage.

Dempsey, 29, has told Fox Soccer that he would welcome the chance to play in the Champions League next season.

I don't get caught up in that [speculation] because until somebody is putting down some money it doesn't matter, he said.

If teams are really interested, they need to put their money with their mouth is and make an offer.

After every year I want to keep getting better, and I want to take on bigger challenges, and playing in the Champions League is something I want to do.