
The Gunners narrowly missed out on their first Champions League crown, losing to PSG in the final on penalties back in May.
Arteta made it clear to the Gunners hierarchy he wanted to win Europe's major competition and called on the club to show their ambitions in the aftermath of that defeat.
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With that in mind, Football.london has taken a look at the latest Arsenal transfer news and speculation below:
Arsenal have reportedly agreed personal terms with Vinicius Junior ahead of a blockbuster summer transfer switch to the Emirates Stadium this summer.
According to the Hand of Arsenal, an established Arsenal source on social media, the Gunners have reached an agreement with principle with the Brazilian regarding personal terms.
Real Madrid have reportedly put forward a final contract offer to Vini Jr, who is in the final 12 months of his Bernabeu contract.
His representatives, Roc Nation, have a huge offer from Arsenal, which they have in mind heading in to talks with Los Blancos.
Football.london says: "It's understood that sentiment is now shifting in Arsenal's favour with Real Madrid putting forward a final contract offer.
"Arsenal have the finances to pull of one of the biggest transfers in the club's history, with Mikel Arteta's side hopeful."
The Mail claims Arsenal have set a date aside for Bruno Guimaraes' medical after agreeing a £77m deal with Newcastle United, plus add-ons.
Sources in the North East still refute any talk of an agreement between the two clubs, with the Brazilian set to link up with his teammates in La Manga.
The report claims the Gunners are still working on the finer details of a contract with Guimaraes, but an agreement on that front is 'very close.'
Football.london says: "It's clear that Arsenal are huge fans of Bruno Guimaraes and are working on bringing him to the football club.
"Eddie Howe's departure from Newcastle United certainly points towards one specific outcome, though there's work still to do."