The added funds could help Wenger convince skipper Cesc Fabregas and Samir Nasri to stay, if Wenger manages to bring in the proven talented players with the extra cash.
However, the Fabregas saga continues, as Arsenal have been told that their valuation of the Spanish midfielder is over-the-top for Barcelona.
Sandro Rosell, president of Barcelona, told Catalan Television that they wouldn't pay over-the-odds for the 24-year-old, especially considering the reported £350 million debt on the club.
While it is no secret that Fabregas wishes to move to the Spanish champions, he had claimed last week that he was happy at Arsenal. Rosell, however, revealed that Fabregas was doing all he can to make the move possible.
Rosell told Catalan Television, He is doing everything he can to come.
Guardiola knows the values of players and Cesc's is less than €40m (£35.4m). Barcelona will offer less and if they (Arsenal) don't accept, then he won't come. Pep knows the club is not well-off in terms of money.
Elsewhere, the Daily Mirror reports that, another want-away Gunner, left-back Gael Clichy is the subject of a move to Italian side AS Roma for a fee of around £7million as the Italian's representative, Walter Sabatini heads to London to hold talks with Arsenal.
Clichy, whose contract runs out next year, prefers to move to Liverpool, but the Merseyside club are not willing to go above the £5 million while Arsenal's valuation ranges around £10 million.
Roma are also touted to offer Mirko Vucinic in a player-exchange deal. However, Wenger has said that he prefers a cash-only offer.
The Sun reports that Arsenal are chasing Schalke midfielder Jose Manuel Jurado, after Wenger had sent his scouts to watch the player last season. The report suggests that Wenger is on the brink of making an offer of £7.5million for the ex-Real Madrid star.
Finally, far-fetched rumours of Arsenal looking at a move for Samuel Eto'o should come to an end after Internazionale president, Massimo Moratti, claimed his star players, including Sneijder and Maicon who were also linked to moves away, had told him that they were going nowhere.
In the Metro report, Moratti was quoted as saying, What I can say is that I have spoken to Maicon, Sneijder and Eto'o and they have all told me they want to continue with us.