Despite disappointment in Budapest, Arsenal come into this summer transfer window from a position of strength. As defending champions, Mikel Arteta's team will be favourites to retain the Premier League title, something the club has not achieved since 1935. Rivals Manchester City, Chelsea, Liverpool, Manchester United and, to a lesser extent, Tottenham have now all changed managers in 2026, making it hard to predict which of the quartet is best-placed to challenge.
Meantime, in the Champions League, despite defeat at the Puskás Aréna on Saturday night in a penalty shootout, the Gunners proved that they can compete with Europe's best. Alongside PSG, Barcelona, Bayern Munich, Real Madrid and any English club that can get it all together, Arsenal are one of five or six teams capable of glory at the Metropolitano in Madrid next June.
Nevertheless, this year's Champions League final underlined Arteta's need for a few more elite-level attacking difference makers. Were they to land these three dream signings, who knows, perhaps Arsenal could position themselves to be Europe's dominant force.
Left-wing: Khvicha Kvaratskhelia or Morgan Rogers
It has been clear for some time now that the most obvious position for Arsenal to upgrade it left-wing. Gabriel Martinelli scored only one Premier League goals all season, albeit it was the most important, bagging a stoppage time equaliser against Manchester City in September. Leandro Trossard did have a greater output, netting eight times across all competitions, albeit he endured an enormous draught, not scoring between 30 December and 10 May, when he was the late match-winner at West Ham.
While both contribute plenty, neither are elite. So, who would represent an upgrade? Well, most people's dream signing in this position would be someone Gooners got a good look at last weekend, namely Khvicha Kvaratskhelia. The Georgian was awarded Champions League player of the season, netting ten times in the competition, bagging 19 goals in all. His direct running and world class dribbling is something this Arsenal team simply does not have, so he would be a major game changer.
Getting Kvaradona out of Paris though may be borderline impossible, so could they target Morgan Rogers instead? The 23 year old scored 14 goals and bagged 12 assists for Aston Villa this season, including one of each in the Europa League final in İstanbul. He is valued at £80 million, but Villa are reportedly under pressure to sell before 30 June to balance their books. Rogers' possible arrival in North London is interesting, given his stylistic similarities to last summer's big arrival Eberechi Eze, so it'll be fascinating to see who Arteta goes for and then subsequently how he uses the new recruit.
Centre-forward: Julián Álvarez
What Arteta chooses to do at centre-forward this summer is equally intriguing. Despite scoring 21 goals this season, Viktor Gyökeres' performances were pretty mixed across the board, that is until the final few weeks of the campaign. The Swede was outstanding during both Champions League semi-final legs against Atlético Madrid, as well as the demolition of Fulham in-between, belatedly showing his best form. Meantime, Arteta's love of Kai Havertz is clear, vindicated for starting the German against PSG, considering he lashed home the opener inside six minutes.
However, with Gabriel Jesus set to depart, there is room for one more striker in the squad. The dream signing would be Julián Álvarez from Atlético Madrid, who scored 20 goals this season, one of which came against Arsenal. His ability to both burst in-behind like Gyökeres as well as drop in and like play in Havertz-esque fashion might just make him the perfect all-rounder Arteta is looking for.
However, the 26 year old won't come cheap. Given that los Colchoneros paid £81.5 million to sign him in the first place two summers ago, they reportedly value Álvarez at round £130 million, with Barcelona leading the race. The Argentine wants a move to the Catalan giants, but it is not clear how Barça would be able to afford this, so perhaps Arsenal could swoop in later down the line.
Central midfield: Sandro Tonali or Mateus Fernandes
Elsewhere, it is obvious that a central midfielder is needed. Arteta clearly does not trust Christian Nørgaard, underlined by the fact his sole Premier League start came on the final day, hooked at half time of the Selhurst dead-rubber. With the Dane likely to go, Arsenal need someone who will compete for minutes with Declan Rice and Martín Zubimendi because, by the end, both were exhausted.
The emergence of Myles Lewis-Skelly alongside Mikel Merino's return to fitness means they do have the left eight role sorted, making another defensive midfielder the priority. As has been widely reported, Arsenal are long-term admires of Newcastle's Sandro Tonali, who would slot into this team nicely, both in and out of possession. The other name high up on their list is Mateus Fernandes, who is reportedly valued at £80 million by West Ham, albeit their negotiating position is hampered by relegation. Nevertheless, neither would be a bargain, but some proper depth behind Rice would be priceless, to prevent, arguably, the Gunners' best player from being run into the ground.
