Unai Emery is set to miss out on three of his targets as a result of Arsenal’s loss to Chelsea in the Europa League final.
Securing a place in next season’s Champions League was vital for the Gunners in terms of boosting their budget for the summer.
But Unai Emery’s men sunk to a 4-1 loss to Chelsea in Baku, meaning that the London club face yet another year in the Europa League.
According to the Daily Mail, Unai Emery will have just £45 million to spend on new players this window, while Arsenal are looking to sell Henrikh Mkhitaryan, Mesut Ozil and Shkodran Mustafi.
The report adds that Arsenal had planned to make a move for Wilfried Zaha, but the Crystal Palace ace is out of their price range and has made it clear he wants to experience the Champions League football.
Arsenal had also approached Leicester City regarding a move for the No.10 James Maddison, but his £60 million valuation also means he is out of reach.
The north London club were also keen on RB Leipzig centre-back Dayot Upamecano, but he also wants to play in the top European competition, while the German club were demanding a £65 million transfer fee.
Arsenal remain interested in Bournemouth ace Ryan Fraser, who is in their budget and would be keen on joining the capital club.
Unai Emery is also interested in a deal for Getafe defender Djene Dakonam and wants to reunite with former midfielder Adrien Rabiot.