The Gunners are making good progress in the transfer market as they have completed deals for Kepa Arrizabalaga and Martin Zubimendi.
Arsenal are also understood to have wrapped up a deal for Christian Norgaard, while they have had a breakthrough in talks for Viktor Gyokeres as they look set to land the 2025 top scorer in Europe contender.
Once these deals are finalised, they will likely turn their attention to landing a new winger and attacking midfielder, amid reports linking them with Noni Madueke and Eberechi Eze.
However, it is not all good news for Arsenal. It has also been suggested that they could lose one or two key players, with Nwaneri linked with an exit.
The 2024/25 campaign was disappointing for the Gunners as they finished second in the Premier League for a third straight season and failed to end their trophy drought.
There were not a lot of positives for Arsenal last season, but the emergence of Nwaneri was a significant saving grace as the 18-year-old grabbed eleven goal involvements in 37 appearances for the Gunners.
Nwaneri is one of the best young talents in the Premier League, but Arsenal face losing him as his current contract is due to expire at the end of next season.
Last week, journalist Graeme Bailey tipped Nwaneri to leave Arsenal amid interest from Chelsea, Liverpool and Man City.
Bailey claimed: "I think they're going to lose him. Yeah, it's looking very, very bad for them in that area - and it's nothing to do with the finances or anything.
"I'm told he's got his pick of clubs around Europe when he's out of contract next summer.
"Nwaneri will be one of the most wanted players. If he gets to next summer and he hasn't signed his contract, he'll literally have his pick of clubs from around the world.
"He's loved around Europe. He's loved in England, you know. He will have Chelsea, Liverpool, Man City. He will have them all on his doorstep."